HomeMy WebLinkAbout02/10/2026 - Meeting Materials
Board of Directors of the
SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY
AGENDA
February 10, 2026 Tuesday 2:00 PM
Council Work Room
451 South State Street, Room 326
Salt Lake City, UT 84111
CRA.SLC.GOV
BOARD MEMBERS:
Dan Dugan, Chair Eva Lopez Chavez, Vice Chair
Victoria Petro Alejandro Puy Chris Wharton
Erika Carlsen Sarah Young
In accordance with State Statute and City Ordinance, the meeting may be held electronically. After 5:00
p.m., please enter the City & County Building through the main east entrance.
This is a discussion among CRA Board Directors and select presenters. The public is welcome to listen,
unless otherwise specified as a public comment period. Items scheduled may be moved and / or discussed
during a different portion of the Meeting based on circumstance or availability of speakers. Item start
times and durations are approximate and are subject to change at the Chair’s discretion.
Generated: 16:31:33
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.Resolution: NWQ, LLC Tax Increment Reimbursement Request ~ 2:05 p.m.
30 min.
The Board will receive a briefing and consider adopting a resolution authorizing a
property tax increment reimbursement of up to $1,544,202 to NWQ, LLC for its Phase IV
of development for improvements in the Northwest Quadrant Community Reinvestment
Area. If approved, the developer will receive a percentage of the tax increment generated
from Phase IV of its development for a specified timeframe, and the CRA will receive the
residual tax increment for other project area development activities, CRA
Administration, and affordable housing. The developer may only receive a
reimbursement after the improvements are made and the property generates sufficient
tax increment, with reimbursements subject to verification of the actual costs incurred by
the developer.
2.Resolution: USA Climbing at Rio Grande District – Salt Lake
Mattress Company Building ~ 2:35 p.m.
20 min.
The Board will receive a briefing and consider adopting a resolution approving
modifications to the term sheet for the USA Climbing project, which includes the Salt
Lake Mattress Company building. While the Board previously approved terms for the
disposition of CRA-owned property for USA Climbing’s headquarters and national
training center, further evaluation found the Mattress Company building would require
additional structural reinforcement, increasing project costs to $7.3 million. USA
Climbing cannot absorb costs beyond the $6 million provided by the CRA. As an
alternative, USA Climbing proposed reconstructing the building using concrete masonry
block clad with the historic brick, which would require an additional $250,000. The
Board will discuss the adaptive reuse and reconstruction options.
3.Informational: Update on the Tenant Wealth Building Partnership
with the Perpetual Housing Fund
~ 2:55
p.m.
30 min.
The Board will receive a briefing about the Tenant Wealth Building Partnership with the
Perpetual Housing Fund of Utah. In August 2023, the Board approved a resolution and
term sheet to provide $10,000,000 in American Rescue Plan Act funds to the Perpetual
Housing Fund for a tenant wealth building initiative. The first development project using
these funds includes several floors of a larger building at approximately 515 East 100
South. These affordable units target households earning 25% to 50% of the area median
income.
4.Straw Poll: Transferring CRA Funds to Jefferson Park ~ 3:25 p.m.
20 min.
The Board will receive a briefing and consider a straw poll on whether to transfer
$150,000 from the CRA’s State Street project area to the Department of Public Lands to
fund enhancements to Jefferson Park at approximately 1100 South and West Temple.
These funds would support elements such as a wet meadow, lighting, seating and signage
to increase the park’s sense of place. Approximately $1,280,000 in additional funding
has already been allocated to Jefferson Park from the Parks GO Bond and CIP funds.
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,
•Staff 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: Folsom Trail Project Updates Written Briefing
-
The Board will receive a written briefing updating them on the Folsom Trail Landscaping
and Irrigation project. Currently, the Department of Public Lands and the CRA are
coordinating on the City Creek Daylighting project. The project has received State grant
funding and CRA funding to complete the daylighting, and the CRA will continue to
collaborate with Public Lands and Public Utilities to issue an RFP for a consultant to
finalize the plans.
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.
Adjournment
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, February 5, 2026, the undersigned, duly appointed City
Recorder, does hereby certify that the above notice and agenda was (1) posted on the Utah Public
Notice Website created under Utah Code Section 63F-1-701, and (2) a copy of the foregoing provided
to The Salt Lake Tribune and/or the Deseret News and to a local media correspondent and any
others who have indicated interest.
KEITH REYNOLDS
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda, including but
not limited to adoption, rejection, amendment, addition of conditions and variations
of options discussed.
The City & County Building is an accessible facility. People with disabilities may make requests for
reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary
aids and services. Please make requests at least two business days in advance. To make a request,
please contact the City Council Office at council.comments@slc.gov, 801-535-7600, or relay service
711.
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
01/23/2026
Date Sent to Council:
01/27/2026
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
01/25/2026
Chief of Staff's Signed Date
01/27/2026
Subject:
NWQ, LLC Tax Increment Reimbursement Request
Additional Staff Contact:
Kristina Harrold, kristina.harrold@slc.gov
Presenters/Staff Table
Kristina Harrold, kristina.harrold@slc.govDanny Walz, danny.walz@slc.gov
Document Type
Resolution
Budget Impact?
Yes
No
Budget Impact:
$1,544,202
Recommendation:
Approve resolution to enter into a tax increment reimbursement agreement with applicant NWQ, LLC.
Background/Discussion
NWQ, LLC (“Developer”) has requested a tax increment reimbursement for the development of improvements in the Northwest Quadrant Community Reinvestment Area that meet the goals and objectives of the Salt Lake City Community Reinvestment Agency (“CRA”). If the terms of a tax increment reimbursement agreement (“Reimbursement Agreement”) are approved, Developer will receive a percentage of the tax increment generated from Phase IV of its development for a specified timeframe, and the CRA will receive the residual tax increment for other project area development activities, CRA Administration, and affordable housing. The Developer may only receive a reimbursement after the improvements are made and the property generates sufficient tax increment, with reimbursements subject to verification of the actual costs incurred by the Developer.
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115 WWW.SLC.GOV · WWW.CRA.SLC.GOV
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
STAFF MEMO
DATE:
PREPARED BY:
RE:
January 23, 2026
Kristina Harrold, Project Manager
Consideration of the terms of a tax increment reimbursement request from
NWQ, LLC for systemwide and lot-specific improvements associated with
Phase IV of the Northwest Quadrant Community Reinvestment Area
REQUESTED ACTION: Consider approving a resolution authorizing a property tax increment
reimbursement of up to $1,544,202 to NWQ, LLC for its Phase IV of
development.
POLICY ITEM: Northwest Quadrant Tax Increment Reimbursement Policy
BUDGET IMPACTS: Up to $1,544,202 of future tax increment proceeds with the actual
reimbursement amount based on increment generated only by Phase IV of
the project.
EXECUTIVE SUMMARY: NWQ, LLC (“Developer”) has requested a tax increment reimbursement
for the development of improvements in the Northwest Quadrant Community Reinvestment Area that
meet the goals and objectives of the Salt Lake City Community Reinvestment Agency (“CRA”). If the
terms of a tax increment reimbursement agreement (“Reimbursement Agreement”) are approved,
Developer will receive a percentage of the tax increment generated from Phase IV of its development for
a specified timeframe, and the CRA will receive the residual tax increment for other project area
development activities, CRA Administration, and affordable housing. The Developer may only receive a
reimbursement after the improvements are made and the property generates sufficient tax increment, with
reimbursements subject to verification of the actual costs incurred by the Developer.
The Developer’s request includes the reimbursement of certain eligible improvements (“Reimbursable
Improvements”), separated into the following categories:
•Systemwide Improvements: Infrastructure improvements that will facilitate the development of
the entire Community Reinvestment Area.
•Project-specific Improvements: Improvements that will facilitate the Developer’s fourth phase of
development, encompassing 25.1-acres of land and facilitating approximately 355,176 square feet
of future light industrial and manufacturing space (“Phase IV”).
Pursuant to established polices and agreements, the CRA and Developer have negotiated the terms of a
Reimbursement Agreement for consideration by the CRA Board of Directors (“Board”) – refer to
Attachment C: Resolution and Term Sheet.
CRA FINANCE COMMITTEE RECOMMENDATION: On January 21, the CRA Finance
Committee (“Committee”) convened to review the Developer’s request. The Committee asked for staff
confirmation that the Phase IV improvements fall within eligible expense categories, that the Phase IV
request does not deviate from the Policy in any way, and that the conditions to reimbursement payments
will be addressed before each payment request. The Committee unanimously recommended the approval
of the request with the terms contained herein.
ANALYSIS & ISSUES: Additional information on the project’s I) Background, II) Overview, III) Tax
Increment Budget, IV) Eligible Improvements, V) Policy Alignment, and VI) Applicant is as follows:
I. Background
The Community Reinvestment Area is located north of Interstate 80 and includes over 3,000 acres of
developable land (Attachment A). To facilitate development of the Community Reinvestment Area,
Salt Lake City (“City”) and the CRA carried out the following efforts:
• Community Reinvestment Area, January 2018: The CRA (then known as the “RDA”)
established the Community Reinvestment Area to enable the collection of tax increment to carry
out economic development and master plan implementation. Subsequently, the CRA entered into
an interlocal agreement with the City to collect 75% of the City’s tax increment for a period of 20
years (“Project Area Increment”).
• Master Reimbursement and Development Agreement, January 2018: The CRA and City
entered into a Master Reimbursement and Development Agreement (“Development Agreement”)
with each of the two majority property owners within the Community Reinvestment Area. Pursuant
to the Development Agreement with Developer, 70% of Project Area Increment generated from
Developer’s respective property shall be available for reimbursement. Prior to receiving Project
Area Increment, Developer shall complete an application and review process and enter into a
separate tax increment reimbursement agreement (“Reimbursement Agreement”) that is approved
by the Board.
• Northwest Quadrant Tax Increment Reimbursement Policy, August 2018: The CRA adopted
the Northwest Quadrant Tax Increment Reimbursement Policy (“Policy”) that establishes the
policies and procedures for evaluating and approving a Reimbursement Agreement. Pursuant to the
Policy, applications for a reimbursement of $1 million or more of tax increment shall be subject to
a public benefits analysis completed by a third-party consultant. Refer to Attachment D: Public
Benefits Analysis for an analysis of the Developer’s request for Phases IV completed by LRB Public
Finance Advisors (“LRB”).
• Northwest Quadrant Phase I Tax Increment Reimbursement Agreement, May 2020: In
accordance with the Northwest Quadrant Tax Increment Reimbursement Policy, the CRA entered
into a Participation and Reimbursement Agreement with NWQ, LLC for Phase I of the
development, with a maximum reimbursement amount of approximately $28 million through the
term of the agreement.
• Northwest Quadrant Phase II and III Tax Increment Reimbursement Agreement, February,
2024: In accordance with the Northwest Quadrant Tax Increment Reimbursement Policy, the CRA
entered into a Participation and Reimbursement Agreement with NWQ, LLC for Phase II and III
of the development, with a maximum reimbursement amount of approximately $49 million through
the term of the agreement.
II. Project Overview
In coordination with adjacent property owners, the Developer is working to develop the SLC Port
Global Logistics Center, an approximately 3,000-acre industrial and intermodal development that is
served by rail and can accommodate manufacturing, warehouse, and distribution tenants of varying
size. The Developer is the record owner of approximately 1,800 acres of land within the Community
Reinvestment Area. Development activities have been phased. Currently, the known phases have
approximately the following acreage:
• Phase I: 361 acres
• Phase II: 342.51 acres
• Phase III: 611.86 acres
• Phase IV: 25.1 acres
Refer to Attachment B: Site Map & Buildings Plan for a site map of the development plan.
Phase IV includes earthwork, infrastructure, remediation, and roadways that enable the construction of
approximately 355,176 square feet of future light industrial and manufacturing space. Private
investment for the planned system-wide improvements and the Phases IV development will be between
$63 and $71 million. Phase IV may create $71.2 million of new assessed value and generate
approximately 309 jobs.
III. Tax Increment Budget
According to LRB’s analysis, the Community Reinvestment Agency is projected to receive between
$1,958,280 and $2,206,003 in Project Area Increment from Developer’s Phase IV development over a
13-year period. Of the actual amount of CRA collected increment, the Developer is proposed to
receive 70% as a reimbursement for Reimbursable Improvements. Tax increment projections are as
follows:
ASSUMPTION
Development Assessed
Incremental Value $63,164,792 $71,154,556
Total Agency Tax Increment $1,958,280 $2,206,003
Pursuant to the Development Agreement, the Developer has requested 70% of the CRA’s portion of
tax increment, which would result in a reimbursement between $1,370,796 and $1,544,202. Uses of tax
increment are as follows:
USES
Tax Increment Reimbursement 70% $1,370,796 $1,544,202
CRA Housing 10% $195,828 $220,600
CRA Administration 10% $195,828 $220,600
Shared Costs 10% $195,828 $220,600
IV. Reimbursable Improvements
The Developer has submitted a combined $6,412,487 in projected Reimbursable Improvements for
future Systemwide and Project-Specific categories, as provided below:
Type Improvement Description of Costs Amount
Systemwide
Improvements Mobilization $56,773
SWPPP $60,950
Earthwork $217,675
Site Work $191,764
Concrete &
HMA
Material costs for Concrete and Hot Mix
Asphalt for road construction. $220,648
Waterline
Extension
Addition of new water supply pipes to serve
areas not previously connected. $341,815
Storm Drain $200,007
Dry Utilities buildings including electricity, natural gas, $118,950
Hydro Seed Seeding for erosion control $42,000
Site Wide –
Import Fill Fill required to stabilize soil conditions. $747,938
Storm Drain
Easement
Necessary system wide improvement
required by SLC Public Utilities. $1,600,307
Land Dedication $608,685
Project-specific
Improvements
(Phase IV)
Imported Fill
Building Required imported fill due to the present
risk of liquefaction and poor soils. $310,241
Vapor Barrier
building footprint to mitigate the risk of
environmental vapor intrusion pathways
that arise from the former North Temple
$829,715
Soft Spot Repair Imported cobble, rock, and fill required to
fix and remediate poor soils. $88,268
Insulated
Sandwich Panels panels and high-insulating sandwich panels $776,754
Total Reimbursable Improvements $6,412,487
*Note: A cost escalator of 10% per line item may be applied to address inflation or market increases as improvements are
developed over time; however, the Maximum Reimbursement (defined below) will not increase unless otherwise agreed to
in writing by CRA pursuant to the TI Reimbursement Agreement.
Pursuant to the proposed terms (Attachment C), the reimbursement may be applied to any of the listed
Reimbursable Improvements provided however that reimbursement does not exceed the actual cost
incurred by the Developer.
V. Policy Alignment
The Developer’s request aligns with the CRA and City’s plans and policies for the Community
Reinvestment Area and Northwest Quadrant. Policy alignment includes the following:
• Economic Development: The Developer’s Phase IV development will create a dynamic
employment center that will allow for the recruitment, retention, and expansion of businesses to
provide livable-wage jobs and enhance economic prosperity. According to LRB’s analysis, the
project will generate over 309 jobs with an average wage of $80,808. In addition, it is estimated
that Developer’s project will employ between approximately 170 construction workers generating
over $15.42 million in construction salaries during the construction period.
• Infrastructure Improvements: The Developer’s project will construct infrastructure in a
coordinated, efficient, and systematic manner for the facilitation of economic development and
implementation of the City general plan, including the Major Street Plan, the Northwest Quadrant
Master Plan, and the Northwest Quadrant Master Drainage Plan.
• Sustainability: The Northwest Quadrant Tax Increment Reimbursement Policy was approved prior
to the CRA’s Sustainable Development Policy adoption. CRA staff and the attorney’s office have
determined that tax increment reimbursement agreements entered into within the Northwest
Quadrant Community Reinvestment Area and in compliance with the Northwest Quadrant Tax
Increment Reimbursement Policy are not subject to the CRA’s Sustainable Development Policy.
• Affordable Housing: 10% of the tax increment generated from the Developer’s project, estimated
to be between $195,828 and $220,660, will be allocated toward affordable housing to ensure the
availability and affordability of quality housing throughout the City.
VI. Applicant Information
The tax increment reimbursement request is being coordinated by SLC GLC on behalf of NWQ,
LLC. SLC GLC is an entity associated with Colmena Capitol, one of Developer’s managing
members. As part of the Colmena Group, SLC GLC has real estate experience in developing, owning,
and managing multi-family apartments, commercial office space, student housing, research parks,
retail, hotel, industrial warehouses, and mixed-use properties. The Colmena Group has a current
portfolio of over $1.6 Billion, 5 million square feet and approximately 11,000 housing units.
PREVIOUS BOARD ACTION:
• January 2018: The CRA Board approved Resolution No. R-1-2018 and the Salt Lake City Council
approved Ordinance 1-2018 adopting the Northwest Quadrant Community Reinvestment Area.
• January 2018: The CRA Board approved Resolution No. R-4-2018 and the Salt Lake City Council
approved Ordinance 4-2018 authorizing approval of a development agreement between the CRA,
City, and NWQ, LLC.
• August 2018: The CRA Board adopted Resolution No. R-26-2018 adopting the Northwest
Quadrant Tax Increment Reimbursement Policy.
• August 2019: The CRA Board adopted Resolution No. R-11-2019 adopting the NWQ LLC Phase I
Tax Increment Reimbursement Agreement.
• June 2024: The CRA Board adopted Resolution No. R-09-2024 adopting the NWQ LLC Phase II &
Phase III Tax Increment Reimbursement Agreement.
ATTACHMENTS:
A. Northwest Quadrant Community Reinvestment Area Map
B. Site Map
C. Resolution and Term Sheet
D. Public Benefits Analysis
ATTACHMENT A: NORTHWEST QUADRANT CRA MAP
ATTACHMENT B: SITE MAP
ATTACHMENT C: RESOLUTION AND TERM SHEET
1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO.
NWQ LLC Phase IV Tax Increment Reimbursement Agreement
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY APPROVING A TAX INCREMENT REIMBURSEMENT
AGREEMENT WITH NWQ, LLC FOR PHASE IV OF ITS DEVELOPMENT.
WHEREAS, the Salt Lake City Community Reinvestment Agency (CRA) was created to
transact the business and exercise the powers provided for in the Utah Community Reinvestment
Agency Act.
WHEREAS, pursuant to CRA Resolution 1-2018 and Salt Lake City (City) Ordinance 1-
2018, the CRA and City adopted the Northwest Quadrant Community Reinvestment Area Plan
(Project Area).
WHEREAS, the CRA and City entered into an interlocal agreement authorizing use of 75%
of the City’s tax increment (Project Area Increment) to support the implementation of the Project
Area plan.
WHEREAS, the CRA entered into a Master Development and Reimbursement Agreement
with NWQ, LLC (Developer) that specifies up to 70% of Project Area Increment generated from
Developer’s respective property shall be available for reimbursement pending the execution of a
tax increment reimbursement agreement (Agreement).
WHEREAS, pursuant to CRA Resolution 26-2018, the CRA has established a tax
increment reimbursement policy for the Northwest Quadrant Community Reinvestment Area
(NWQ TI Policy) that establishes the policies and procedures for entering into an Agreement with
Developer.
WHEREAS, pursuant to the NWQ TI Policy, Developer entered into an Agreement with
the CRA on May 12, 2020 for phase I of their development, and an Agreement on October 12,
2025 for phases II and III.
WHEREAS, for phase IV of its development, Developer is constructing improvements on
an additional 25.1 acres within the Project Area (Property) for the purpose of constructing two
warehouses (Project-Specific Improvements).
WHEREAS, Developer also intends to develop the Property with utility and stormwater
management infrastructure that will facilitate the development of the larger Project Area
(Systemwide Improvements).
WHEREAS, Developer’s development of the Project-Specific Improvements and
Systemwide Improvements will contribute to achieving the goals, policies, and purposes of the
Project Area plan.
2
WHEREAS, to facilitate Developer’s development of the Project-Specific Improvements
and Systemwide Improvements, the CRA is willing to provide a reimbursement of Project Area
Increment from the Property to Developer in the maximum amount of $1,544,202.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY, that the term sheet for the
tax increment reimbursement agreement between the CRA and Developer, attached as Exhibit A,
is hereby approved. The Board finds that the proposed development will contribute to achieving
the goals, policies, and purposes of the Northwest Quadrant Project Area plan. The Board hereby
authorizes the Executive Director to negotiate and execute a tax increment reimbursement
agreement with NWQ LLC consistent with the term sheet. The documents shall also incorporate
such other terms as recommended by the Salt Lake City Attorney’s Office.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency,
this day of , 2026
Dan Dugan, Chair
Transmitted to the Executive Director on .
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
Erin Mendenhall, Executive Director
Approved as to form: /s/ Jennifer Huntsman__________
Salt Lake City Attorney’s Office
Jennifer Huntsman
ATTEST:
CITY RECORDER
1
EXHIBIT A TO RESOLUTION
Term Sheet for Tax Increment Reimbursement Agreement between
CRA and NWQ LLC for Phase IV
Property:
Tax increment shall be reimbursed from Developer’s Phase IV development, which is more
particularly described in Exhibit 1 to this term sheet (the “Property”).
Reimbursable Improvements:
The CRA will agree to provide an annual tax increment reimbursement (each a “TI
Reimbursement”) to Developer for certain improvements that have been identified as eligible for
reimbursement. The annual reimbursement may be applied to any of the listed improvements as long
as the conditions for payment are met. Total Eligible Reimbursable Improvements may exceed the
Maximum Reimbursement Amount, however, the CRA is only obligated to reimburse up to the
Maximum Reimbursement (defined below). Reimbursable Improvements are as follows:
Type Improvement Description of Costs Amount
Systemwide
Improvements Mobilization to prepare site for construction $56,773
SWPPP Prevention Plan to reduce runoff into $60,950
Earthwork $217,675
Site Work $191,764
Concrete & HMA $220,648
Waterline Extension $341,815
Storm Drain $200,007
Dry Utilities buildings including electricity, natural $118,950
Hydro Seed Seeding for erosion control $42,000
Site Wide – Import
Fill Fill required to stabilize soil conditions. $747,938
Storm Drain
Easement
Necessary system wide improvement
required by SLC Public Utilities. $1,600,307
Land Dedication $608,685
Project-specific
Improvements
(Phase IV)
Imported Fill
Building present risk of liquefaction and poor $310,241
20 Mil Vapor Barrier building footprint to mitigate the risk of $829,715
2
North Temple landfill site.
Soft Spot Repair Imported cobble, rock, and fill required
to fix and remediate poor soils. $88,268
Insulated Sandwich
Panels
up panels and high-insulating sandwich
panels to promote sustainable $776,754
Total Reimbursable Improvements $6,412,487
NOTE: A cost escalator of 10% per line item may be applied to address inflation or market
increases as improvements are developed over time; however, the Maximum Reimbursement
(defined below) will not increase unless otherwise agreed to in writing by CRA pursuant to the TI
Reimbursement Agreement.
CRA Participation:
The CRA will agree to reimburse the Developer 70% of the annual tax increment the CRA is entitled
to receive from the Property, subject to the terms of a written agreement between Developer and the
CRA (“TI Reimbursement Agreement”), for a term of 20 years or the sum of the remaining
collection years of the Project Area, whichever is less. As currently defined, the Project Area is set to
end collection in tax year 2038. The first annual TI Reimbursement payment shall be due in fiscal
year 2027-2028 for the 2026 tax year.
Maximum Reimbursement:
The maximum amount available for TI Reimbursement shall be $1,544,202 (“Maximum
Reimbursement”). The actual TI Reimbursement paid to Developer may be lower or higher than the
projected amount based on actual increment generated from the Property, provided, however, that the
maximum total amount of the reimbursement shall not exceed the Maximum Reimbursement. In the
event that tax increment revenue the CRA is entitled to receive from the NWQ Project Area exceeds
the Maximum Reimbursement, Developer may request an increase in the Maximum Reimbursement,
which the CRA Board may authorize in its sole discretion.
Conditions to Payment:
CRA will provide an annual TI Reimbursement payment for the Reimbursable Improvements once
the following information is satisfactorily provided (in a form and substance satisfactory to CRA in
its sole discretion):
1. A description and/or depiction of the Reimbursable Improvements for which Developer is
seeking reimbursement for that year.
2. Evidence reasonably acceptable to the CRA that the Reimbursable Improvements for which
Developer is seeking reimbursement for that year have been completed and paid in full.
3. A list of tax parcels comprising the area to be served by the Reimbursable Improvement(s)
(“Improvement Area”), including owners and parcel numbers.
4. A map or drawing clearly identifying the boundaries of the Improvement Area, including the
location of the Reimbursable Improvements.
5. The total actual cost of the Reimbursable Improvements paid by Developer, with executed
construction contracts, supporting invoices, proof of payment, or other written documentation
acceptable to the CRA.
3
6. Disclosure of any other sources of revenue and/or financing used to pay for the Reimbursable
Improvements, including but not limited to grants or loans from other governmental entities,
impact fee reimbursements, additional tax increment sources, or reimbursements from
pioneering agreements (“Other Reimbursements”).
7. Evidence reasonably acceptable to CRA that no mechanic’s and materialmen’s liens, or other
financial encumbrances related to payment to contractors for the Reimbursable
Improvements have been or will be recorded against the Property.
8. Evidence reasonably acceptable to CRA that no material or adverse changes have occurred in
the finances, business, operations, or affairs of Developer.
9. Evidence reasonably acceptable to the CRA that construction of the Reimbursable
Improvements is in compliance with all laws and regulations.
• Maintenance of Reimbursable Improvements:
Developer shall maintain in good repair and condition, consistent with applicable laws and
generally accepted engineering standards, the Reimbursable Improvements for which CRA
provides TI reimbursement during the term of the TI Reimbursement Agreement, unless
ownership is transferred to the City. Failure to do so will result in a breach of the reimbursement
agreement and may subject Developer to claw back of all or some portion of TI Reimbursement
payments.
Transfer of Property:
Developer reserves the right to TI Reimbursements for Reimbursable Improvements even if
Developer sells any portion of the Property to a third-party. Any assignment of the right to receive TI
Reimbursements under the Reimbursement Agreement must be in writing, signed by Developer and
approved by CRA in its sole discretion, and must include specific details regarding the right or
amount of reimbursement to be transferred to a third party.
Conditions for Agreement Execution:
1. CRA Board must approve the terms of the TI Reimbursement Agreement.
2. Developer must obtain all required City approvals for the Reimbursable Improvements.
3. Developer must receive approval from the CRA and its legal counsel on all matters pertaining to
title; legality of the reimbursement request; the legality, sufficiency, and the form and substance
of all documents that are deemed reasonably necessary for the transaction; and compliance with
applicable laws and CRA policies (including, but not limited to, the Housing and Transit
Reinvestment Zone Act, Utah Code § 63N-3-602 et seq., and CRA’s HTRZ Tax Increment
Reimbursement Program Policy).
4. Such other terms as recommended by the CRA’s legal counsel and staff.
4
EXHIBIT 1 TO TERM SHEET
Legal Description and Map
Proposed Legal Description per current SLC plat application: SLC Port GLC Phase 4 Plat “A”
Subdivision lots 1, and 2.
Metes and Bounds description – Pre plat recordation
A parcel of land being a part of an entire tract being described as "Parcel 3 Adjusted” in that
Notice of Lot Line Adjustment Approval recorded July 10, 2018 as Entry No. 12807806 in Book
10692 at Page 2576; in the Office of the Salt Lake County Recorder. Said parcel of land is
located in the Southwest Quarter, and Southeast Quarter, of Section 28, Township 1 North,
Range 2 West, Salt Lake Base and Meridian and is described as follows:
Beginning at a point on the northerly line of that 700 North Roadway Dedication Recorded
January 31, 2023 as Entry No. 14067628, in Book 2023P, at Page 023 in the Office of said
Recorder, which is 51.00 feet N.00°15'56"E. along the Quarter Section Line from the South
Quarter Corner of said Section 28; thence westerly along the northerly line of said 700 North
Roadway Dedication N.89°45'50"W. 1,530.58 feet; thence N.00°23'17"E. 527.00 feet; thence
S.89°45'50"E. 1529.18 feet; thence S.89°45'13"E. 542.44 feet; thence S.00°21'30"E. 527.03 feet
to the northerly line of said 700 North Roadway Dedication; thence westerly along the northerly
line of said 700 North Roadway Dedication N.89°45'13"W. 547.90 feet to the Point of
Beginning.
The above-described entire tract contains 1,093,553 Sq. Ft., in area or 25.105 Acres, more or
less. 2 Lots.
5
ATTACHMENT D: PUBLIC BENEFITS ANALYSIS
NORTHWEST QUADRANT CRA BENEFITS ANALYSIS RELATED TO PHASE IV
SALT LAKE CITY
COMMUNITY
REINVESTMENT
AGENCY
JANUARY 2026
NORTHWEST QUADRANT
PHASE IV BENEFITS ANALYSIS
PREPARED BY:
LRB PUBLIC FINANCE ADVISORS
FORMERLY LEWIS YOUNG ROBERTSON & BURNINGHAM INC.
Page 2 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
SECTION I: INTRODUCTION
The Salt Lake City Community Reinvestment Agency (the “Agency” or the “CRA”) has retained LRB
Public Finance Advisors (“LRB”) to conduct an independent third-party review of the Tax Increment
Reimbursement Application submitted by NWQ, LLC, developer of the Salt Lake City Global Logistics
Center (hereafter referred to as the “Developer”). In accordance with Resolution No. R-26-2018 of
Agency, which adopted the Northwest Quadrant Tax Increment Reimbursement Policy, LRB
performed the following analysis pursuant to Section 3.2 Application Analysis. This Application
Analysis examines and analyzes (i) the public benefits associated with the proposed development of
Phase IV of Salt Lake City Global Logistics Center (the “Global Logistics Center”), and (ii) the financial
need and appropriateness of tax increment reimbursement to the Developer to encourage and
incentivize the development of supportable public infrastructure and private investment.
The Developer, through its Tax Increment Reimbursement Application (attached hereto in Appendix A)
has requested the Agency to provide tax increment reimbursement to cover a portion of the costs related
to constructing system wide infrastructure improvements that will facilitate the development of the entire
3,000+ acres of developable land within the Northwest Quadrant Community Reinvestment Project Area
(the “Northwest Quadrant CRA” or “NWQ CRA”) and project specific infrastructure projects within the 25.1
acres referenced as Phase IV of the Global Logistics Center. The estimated costs of the infrastructure
necessary to support Phase IV is estimated at $6.41 million.
As noted in the previous paragraphs, the purpose of this report is to conduct a benefits analysis, which
assesses the fiscal and economic impacts (benefits) that are anticipated to be derived from Phase IV
of the development; determine the anticipated level of tax increment to be generated; and analyze
the level of tax increment reimbursement necessary to facilitate the infrastructure projects within the
Northwest Quadrant CRA.
In summary, this analysis includes 1:
1. A brief summary of the Northwest Quadrant CRA;
2. An evaluation of the reasonableness of the costs of the proposed development;
3. Efforts that have been made, or will be made to maximize private investment;
4. The rationale for use of tax increment funds, including an analysis of whether the proposed
development might reasonably be expected to occur in the foreseeable future solely through
private investment;
5. An estimate of the total amount of project area funds that the Agency intends to spend on the
development;
6. The anticipated public benefit from the proposed development, including a thorough analysis
of the various development revenues and expenditures;
7. The associated business and economic activity the proposed development will likely stimulate;
and
8. Whether tax increment participation is necessary and appropriate to undertake the proposed
development.
1 A 13-year timeframe was used to calculate the public benefits of the development.
Page 3 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
INTERLOCAL COOPERATION AGREEMENT – SALT LAKE CITY AND AGENCY
Authorization was provided by Salt Lake City (the “City”) to the Agency to receive Tax Increment for the
purposes identified in an Interlocal Cooperation Agreement dated as of February 9, 2018, which is
also inclusive of the NWQ CRA Plan (adopted January 9, 2018). The Interlocal Cooperation Agreement
is attached hereto and included in Appendix C. Therein is the adopted Project Area Budget (17C-5-
303) and the required Public Benefits Analysis (17C-5-105(2)(b)). Other taxing entities who levy
property taxes within the Northwest Quadrant CRA determined not to participate in the Northwest
Quadrant CRA through sharing of tax increment revenues at the time it was created in 2018. Thus, for
the purposes of this analysis only the City’s tax increment is evaluated.
MASTER DEVELOPMENT AND REIMBURSEMENT AGREEMENT
The Master Development and Reimbursement Agreement (recorded January 31, 2018), by and
between the Agency and the Developer, outlines additional information including design standards,
infrastructure construction and dedication, planning and development coordination/dedication and
tax increment reimbursement guidelines. A copy of the Master Development and Reimbursement
Agreement is attached in Appendix D, which provides additional context to the idea of tax increment
reimbursement to facilitate the Global Logistics Center.
As was previously referenced herein, LRB relied in part upon that certain Tax Increment
Reimbursement Application submitted by the Developer to the Agency and attached hereto in
Appendix A. The Developer is seeking to receive 70% of the tax increment generated from Phase IV
of the development to partially offset the significant infrastructure costs, which have been estimated
to be approximately $6.41M.
Page 4 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
SECTION II: NORTHWEST QUADRANT COMMUNITY
REINVESTMENT AREA
FIGURE 2.1: NWQ PROJECT AREA
Phase IV includes a 25.1-acre parcel newly annexed into the NWQ CRA. Due to the conditions of the
parcel that make up Phase IV, as well as the absence of existing stormwater conveyance infrastructure
available to serve the site, a comprehensive storm drain solution is required to enable development.
Achieving buildable elevations will require import fill, along with a full stormwater management
system incorporating engineered swales and detention facilities to meet City standards and protect
downstream resources. The site also carries potential legacy environmental contamination, requiring
the installation of an environmentally rated vapor barrier beneath any building footprints to mitigate
exposure risks. Absent tax increment reimbursement, the site’s existing challenges and conditions
substantially increase the cost burden associated with development.
OVERVIEW AND SUMMARY OF THE NORTHWEST QUADRANT CRA
The Northwest Quadrant CRA or NWQ CRA is located immediately west of the Salt Lake City
International Airport and north of Interstate 80. It contains over 3,000 acres of developable land near
an international airport, major national and state highways, and national railway crossings. The
Northwest Quadrant CRA will assist the State of Utah in competing with other global economic
development regional hubs.
Page 5 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
After adopting the NWQ CRA Project Area Plan and entering into the Interlocal Cooperation
Agreement with the City, the Utah State Legislature made the Northwest Quadrant CRA part of the
State’s Inland Port Authority and most of the tax increment and governing powers are controlled by
the Inland Port Authority. However, the Interlocal Cooperation Agreement, attached as Appendix C,
was grandfathered and permitted the Agency to receive 75% of the City’s property tax increment for
a 20-year period.
The Developer in the Tax Increment Reimbursement Application, attached as Appendix A, and the
Developer’s TIR Narrative, attached as Appendix B, requests that the Agency authorize
reimbursement of 70% of all Tax Increment generated and received by the Agency related to Phase
IV f the Global Logistics Center project. The Developer has indicated to the Agency that they will have
over $2.29 million in tax increment reimbursement qualified expenses. These expenses will include
both system-wide infrastructure projects that will facilitate development within the entire Northwest
Quadrant CRA and project specific infrastructure expenses on the Developer’s Phase IV development,
which will include over 355K square feet of light industrial and manufacturing space.
As depicted in Table 2.1 below, the Project is anticipated to create over $71.2 million of new assessed
value and generate 309 jobs. It is estimated that the system-wide infrastructure investment will enable
the development of billions in additional assessed value.
TABLE 2.1: PHASE IV PROJECTIONS
DEVELOPMENT PHASE SQ FT NEW SSESSED
TOTAL JOBS
Phase IV 355,176 $71,154,556 309
TOTAL 355,176 $71,154,556 309
INFRASTRUCTURE EXPENSES
In the Tax Increment Reimbursement Application (Appendix A), the Developer has provided an
estimate of $6,412,487 for both system-wide infrastructure projects and project specific infrastructure
projects (deemed to be qualified tax increment reimbursement expenses), which are critical for the
development of Phase IV of the development. Table 2.2 outlines the $4,407,511 of system-wide tax
increment reimbursement qualified expenses, as identified by the Developer.
TABLE 2.2: SYSTEM-WIDE INFRASTRUCTURE COSTS
DESCRIPTION TOTAL COST
Mobilization $56,773
SWPPP $60,950
Earthwork $217,675
Site Work $191,764
Concrete & HMA $220,648
Waterline Extension $341,815
Storm Drain $200,007
Dry Utilities $118,950
Hydro Seed $42,000
Site Wide - Import Fill $747,938
Storm Drain Easement $1,600,307
Land Dedication $608,685
TOTAL SYSTEM-WIDE INFRASTRUCTURE COSTS $4,407,511
Page 6 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
Table 2.3 outlines the $2,004,977 of project specific tax increment reimbursement qualified expenses
within Phase IV development, as identified by the Developer.
TABLE 2.3: PROJECT SPECIFIC INFRASTRUCTURE COSTS
DESCRIPTION TOTAL COST
Building Pad Import Fill $310,241
20 Mil Vapor Barrier $829,715
Soft Spot Repair $88,268
Insulated Sandwich Panels $776,754
Solar Panels N/A
TOTAL PROJECT-SPECIFIC INFRASTRUCTURE COSTS $2,004,977
DEVELOPMENT ASSUMPTIONS
Development assumptions for the Phase IV development were provided by the Developer, as well as
the usage of comparable parcels. Table 2.4 includes the development assumptions used for this
analysis, including a Moderate and High development scenario.
TABLE 2.4: DEVELOPMENT ASSUMPTIONS
ASSUMPTION MODERATE SCENARIO HIGH SCENARIO
Phase IV Acres 25.10 25.10
Incremental Land Value $7.73/Square Foot $7.73/Square Foot
Building Value $140.04/Square Foot $160.49/Square Foot
Personal Property Value 10% of Building Value 10% of Building Value
Land Use Flex/Light Industrial Flex/Light Industrial
Absorption Schedule 2025 2025
Using these assumptions, the Phase IV development will create between an additional $63,164,792
and $71,154,556 in assessed value. Table 2.5 depicts the project assessed value of the development
for the Moderate Scenario and Table 2.6 depicts the project assessed value of the development for
the High Scenario.
TABLE 2.5: PHASE 4 PROJECTED TAXABLE VALUE: MODERATE SCENARIO
TAX YEAR SQUARE FEET BUILDING VALUE LAND VALUE PERSONAL
PROPERTY
TOTAL
INCREMENTAL
Building 1 2025 164,988 $23,105,469 $3,925,586 $2,310,547 $29,341,602
Building 2 2025 190,188 $26,634,561 $4,525,174 $2,663,456 $33,823,191
TOTAL 355,176 $49,740,029 $8,450,760 $4,974,003 $63,164,792
TABLE 2.6: PHASE 4 PROJECTED TAXABLE VALUE: HIGH SCENARIO
TAX YEAR SQUARE FEET BUILDING VALUE LAND VALUE PERSONAL
PROPERTY
TOTAL
INCREMENTAL
Building 1 2025 164,988 $26,479,507 $3,925,586 $2,647,951 $33,053,044
Building 2 2025 190,188 $30,523,944 $4,525,174 $3,052,394 $38,101,512
TOTAL 355,176 $57,003,450 $8,450,760 $5,700,345 $71,154,556
Page 7 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
SECTION III: PUBLIC BENEFITS ANALYSIS
EVALUATION OF THE REASONABLENESS OF THE COSTS OF THE PROPOSED
PROJECT AREA DEVELOPMENT
Projected costs include system-wide infrastructure that will allow for development of the Northwest
Quadrant CRA and site-specific infrastructure for over 355K square feet of light/flex industrial space.
The Developer has identified over $6.41 million of infrastructure costs, which are identified in Table
3.1.
TABLE 3.1: TOTAL INFRASTRUCTURE COSTS
DESCRIPTION TOTAL COST
Mobilization $56,773
SWPPP $60,950
Earthwork $217,675
Site Work $191,764
Concrete & HMA $220,648
Waterline Extension $341,815
Storm Drain $200,007
Dry Utilities $118,950
Hydro Seed $42,000
Site Wide - Import Fill $747,938
Storm Drain Easement $1,600,307
Land Dedication $608,685
$829,715
$88,268
Insulated Sandwich Panels $776,754
Solar N/A
TOTAL INFRASTRUCTURE COSTS $6,412,487
The infrastructure costs are comparable to other construction projects within the Wasatch Front.
Additional information regarding the infrastructure costs can be found in the Developer’s TIR
Narrative at the end of this document and included in Appendix B.
EFFORTS MADE TO MAXIMIZE PRIVATE INVESTMENT
Private investment in the Northwest Quadrant CRA and specifically within the proposed Phase IV of
the development will be significant. Based on the information provided by the Developer, the private
investment for the system-wide improvements and the Phase IV Development will be between $63
and $71 million.
RATIONALE FOR USE OF TAX INCREMENT FUNDS
The site requires remediation and infrastructure investment. Additionally, the Developer is investing
over $6.41 million of infrastructure costs including a full stormwater management system,
incorporating engineered swales and detention facilities to meet the City’s standards and applicable
environmental regulations. “But for” the use of tax increment, the necessary system-wide
infrastructure investment would not be feasible and the land within the [Northwest Quadrant CRA or
Page 8 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
Phase IV of the development] would remain in its underutilized state and continue to generate
minimal benefit to the City and its residents.
The parcel that makes up Phase IV is part of a parent parcel that is 838 acres that will be subdivided
into 25 acres by the end of 2025. Phase IV’s full parcel of the Development area was generating $1,433
in annual property tax revenue for the City on $155,080 mostly vacant/agricultural land. For the
purposes of this analysis, it was assumed that the subdivided 25-acre parcel, or three percent of the
total parent parcel, has a base value of $4,644 and generates $43. Through the investment of tax
increment funds, the property within Phase IV of the development is projected to generate up to
$226,257 in annual property tax increment for the City on $71,154,556 of assessed value. This
substantial increase would not be realized without public participation. Table 3.2 breaks out these
projections by the phase of development.
TABLE 3.2: ASSESSED VALUE (13 YEARS)
DEVELOPMENT PHASE SQ FT NEW ASSESSED VALUE
ODERATE CENARIO
NEW ASSESSED VALUE
IGH CENARIO
Building 1 164,988 $29,341,602 $33,053,044
Building 2 190,188 $33,823,191 $38,101,512
TOTAL 355,176 $63,164,792 $71,154,556
ESTIMATE OF TOTAL AMOUNT OF PROJECT AREA FUNDS THE AGENCY ESTIMATES
TO SPEND ON DEVELOPMENT
The Agency has not yet negotiated tax increment participation with the Developer for Phase IV of the
development. This public benefit analysis will help guide the negotiation. The Agency has entered into
an interlocal agreement (Appendix C) with the City whereby the City will pass through 75% of the tax
increment generated in the NWQ. In addition, the City, Agency, and Developer may enter into a
development agreement which provides that the Developer is eligible to receive 70% of the tax
increment received by the Agency pending the successful completion of an application, review, and
approval process. The Development is projected to generate between $1,958,280 and $2,206,003
during the remaining 13-year life of the CRA (20-year life for the entire CRA but 13-year life for Phase
IV of development). Table 3.3 outlines the tax increment projections.
TABLE 3.3: AGENCY TAX INCREMENT PROJECTIONS (13 YEARS)
ASSUMPTION MODERATE CENARIO
IGH CENARIO
Development Assessed Incremental Value $63,164,792 $71,154,556
2025 City Tax Rate
Total City Tax Increment $2,611,041 $2,941,337
Participation Rate 75% 75%
TOTAL AGENCY TAX INCREMENT $1,958,280 $2,206,003
NPV (4.75%) $1,436,560 $1,618,285
The Developer has requested 70% of the Agency’s portion of tax increment related to Phase IV of the
Development, which is projected to be between $1,370,796 and $1,544,202. Table 3.4 depicts an
estimate of how much TIF will be generated within Phase IV and an allocation of how the Agency has
determined to utilize the tax increment under the Interlocal Agreement.
Page 9 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
TABLE 3.4: USES OF TAX INCREMENT
USE PERCENTAGE MODERATE SCENARIO HIGH SCENARIO
TOTAL NPV (4%) TOTAL NPV (4%)
Tax Increment Reimbursement 70% $1,370,796 $1,005,592 $1,544,202 $1,132,799
CRA Housing 10% $195,828 $143,656 $220,600 $161,828
CRA Administration and Operations 10% $195,828 $143,656 $220,600 $161,828
Shared Costs 10% $195,828 $143,656 $220,600 $161,828
TOTAL SES OF AX NCREMENT
ANTICIPATED PUBLIC BENEFIT FROM THE PROPOSED DEVELOPMENT
REVENUES
PROPERTY TAX
Using the City’s 2025 certified tax rate, the Development will generate between approximately $2.6
and $2.9 million of property tax revenue for the City during the 13-year life of the CRA, or an annual
average of between $200,849 and $226,257. This is a significant increase over the $588 of base year
taxes generated during the same period. Table 3.5 summarizes the City’s property tax revenue.
TABLE 3.5: CITY PROPERTY TAX REVENUE (13 YEARS)
The Development is projected to generate between $2.54 and $2.86 million of property tax revenue
for the other taxing entities within the Development. Under HB 433, the Utah Inland Port Authority is
authorized to collect these revenues. Table 3.6 outlines the property tax revenues of the other taxing
entities.
TABLE 3.6: TAXING ENTITY PROPERTY TAX REVENUE (13 YEARS)
TAXING ENTITY MODERATE CENARIO
ALUE
IGH CENARIO
ALUE
SLC School District $3,093,016 $3,484,282
Salt Lake County $1,028,816 $1,158,961
Salt Lake City $652,760 $735,334
Salt Lake City Library $0 $0
Metro Water Salt Lake $268,494 $302,458
Salt Lake City Mosquito Abatement District $133,836 $150,767
Central Utah Water Conservancy District $328,433 $369,980
Multicounty Assessing & Collecting Levy $11,495 $12,949
County Assessing & Collecting Levy $111,667 $125,793
13-YEAR NEW DEVELOPMENT PROPERTY TAX TOTAL $2,535,501 $2,856,242
SALES TAX
ASSUMPTION MODERATE CENARIO
ALUE HIGH SCENARIO VALUE
2025 City Tax Rate 0.003180 0.003180
Base Year Value $4,644 $4,644
Annual Base Year Property Tax Revenue $43 $43
13-year Base Year City Property Tax Total $192 $192
13-Year Base Year Property Tax Total $558 $558
New Development Value $63,164,792 $71,154,556
Average Annual New Development City Property Tax Revenue $200,849 $226,257
13-YEAR NEW DEVELOPMENT CITY PROPERTY TAX TOTAL $2,611,041 $2,941,337
Page 10 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
While industrial users typically do not generate sales of goods, some large industrial spaces have
cafeterias to serve employees. However, for the purposes of this analysis, it is assumed that any
annual gross taxable sales within their cafeterias will be negligible and no sales tax revenue is
included.
FRANCHISE TAX
The City charges a municipal energy (“franchise”) tax on all taxable electric and natural gas sales within
the City. Estimated average electric and natural gas usages were estimated via information from the
U.S. Energy Information Administration (EIA). Average prices were determined using information from
the EIA and Enbridge Gas. The actual franchise tax benefit will increase or decrease with the
performance of the solar infrastructure. Table 3.7 summarizes the City’s projected franchise tax
revenue.
TABLE 3.7: CITY FRANCHISE TAX REVENUE (13 YEARS)
ASSUMPTION MODERATE IGH
ALUE
Average Industrial Consumption (kWh) per SF 5.8157
Average Industrial Price (Dollar/kWh) $0.08
Average Industrial Natural Gas Use (Dth) per SF 0.01930
Average Industrial Price per Dth $6.45
Average Annual Franchise Tax $14,217
13-YEAR FRANCHISE TAX REVENUE TOTAL $184,824
CLASS B/C ROAD FUNDS
Utah Department of Transportation (“UDOT”) distributes road funds to cities based on both a
population distribution and a weighted road mile distribution. The Development will not increase the
City’s population but includes 0.108 miles of new roads, which equates to 0.54 weighted miles.2 The
Development is projected to generate $8,238 in Class B/C Road Funds Table 3.8 depicts the Class B/C
Road Fund revenues.
TABLE 3.8: CLASS B/C ROAD FUNDS (13 YEARS)
ASSUMPTION MODERATE IGH
FY 2025 Weighted $ per Mile $1,039
Miles of Road (Weighted) 0.540
Growth Rate 2.00%
Average Annual Class B/C Road Funds $634
13-YEAR CLASS B/C ROAD FUNDS TOTAL $8,238
TOTAL CITY REVENUES
The Development is projected to produce between approximately $2.80 and $3.13 million of total City
Revenue during the 13-year life of the CRA. This is a substantial increase over the $588 that would be
produced if the NWQ remained in its current underutilized state. Table 3.9 summarizes the City’s total
Development revenues.
2 Based on Class B and C Roads Apportionment Formula (Utah Code 72-2-108)
Page 11 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
TABLE 3.9: TOTAL CITY REVENUES (13 YEARS)
REVENUE TYPE MODERATE CENARIO
VALUE
HIGH CENARIO
VALUE
Property Tax $2,611,041 $2,941,337
Franchise Tax $184,824 $184,824
Class B/C Road Funds $8,238 $8,238
13-YEAR REVENUE TOTAL $2,804,102 $3,134,399
EXPENDITURES
The Development will also create additional General Government, Public Safety and Public Works
expenses for the City. These expenses are calculated by multiplying the City’s total cost per $ assessed
value by the Development’s projected assessed value. Additionally, the analysis factors in the cost to
service the projected land uses within the Development.
GENERAL GOVERNMENT
TABLE 3.10: TOTAL GENERAL GOVERNMENT EXPENSE (13 YEARS)
ASSUMPTIONS MODERATE CENARIO
IGH CENARIO
2024 Salt Lake City Assessed Value $56,932,846,081 $56,932,846,081
2024 General Government Expenditures $8,173,277 $8,173,277
Cost per $ Assessed $0.00014 $0.00014
Development Assessed Value $63,164,792 $71,154,556
Inflation 3.0% 3.0%
13-YEAR GENERAL GOVERNMENT TOTAL $9,482 $10,681
PUBLIC SAFETY
TABLE 3.11: TOTAL PUBLIC SAFETY EXPENSE (13 YEARS)
ASSUMPTIONS MODERATE CENARIO
ALUE
IGH CENARIO
ALUE
2024 Salt Lake City Assessed Value $56,932,846,081 $56,932,846,081
2024 Public Safety Expenditures $182,524,975 $182,524,975
Cost per $ Assessed $0.00321 $0.00321
Development Assessed Value $63,164,792 $71,154,556
Inflation 3.0% 3.0%
13-YEAR PUBLIC SAFETY TOTAL $211,741 $238,524
PUBLIC WORKS
TABLE 3.12: TOTAL PUBLIC WORKS EXPENSE (13 YEARS)
ASSUMPTIONS MODERATE CENARIO
VALUE
HIGH CENARIO
VALUE
2024 Salt Lake City Assessed Value $56,932,846,081 $56,932,846,081
2024 Public Works Expenditures $51,201,349 $51,201,349
Cost per $ Assessed $0.00090 $0.00090
Development Assessed Value $63,164,792 $71,154,556
Inflation 3.0% 3.0%
13-YEAR PUBLIC WORKS TOTAL $64,905 $73,114
Page 12 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
TOTAL CITY EXPENDITURES
TABLE 3.13: TOTAL CITY EXPENSE (13 YEARS)
ASSUMPTIONS MODERATE CENARIO
VALUE
HIGH CENARIO
VALUE
Estimated Budget (TIF Estimates) $1,958,280 $2,206,003
General Government $9,482 $10,681
Public Safety $64,905 $73,114
Public Works $211,741 $238,524
13-YEAR CITY EXPENSE TOTAL $2,244,407 $2,528,322
NET BENEFIT
Phase IV of development are projected to have a total City net benefit of up to $606,077 during the
13-year life of the CRA. Any tax increment reimbursement up to this amount will still provide a net
benefit to the City. Table 3.14 outlines the net benefit of the Development assuming both a moderate
and high scenario valuation.
NET BENEFITS SUMMARY ANALYSIS (REVENUES COMPARED TO EXPENSES)
TABLE 3.14: TOTAL DEVELOPMENT NET BENEFIT (13 YEARS)
ASSUMPTIONS MODERATE CENARIO
ALUE
IGH CENARIO
ALUE
Total Revenues $2,804,102 $3,134,399
Total Expenses ($2,244,407) ($2,528,322)
NET BENEFIT $559,695 $606,077
THE ASSOCIATED BUSINESS AND ECONOMIC ACTIVITY THE PROPOSED
DEVELOPMENT WILL LIKELY STIMULATE
FULL-TIME JOB CREATION
It is anticipated that Phase IV of development will produce nearly 309 jobs. This is calculated by taking
the average industrial job per square foot in Salt Lake City and multiplying it by the square footage of
Phase IV of the development. This analysis assumes the average salary will be $80,808 3, which
represents the average salary of various industrial wages within Utah. Table 3.15 depicts the full-time
jobs created by Phase IV of development.
TABLE 3.15: FULL-TIME JOBS
ASSUMPTIONS VALUE
Total Square Feet 355,176
Job Per SF 0.0009
Total Projected Employees 309
Average Manufacturing Wage $80,808
Growth Rate 2.00%
Average Annual Salaries $29,084,991
13-YEAR SALARY TOTAL $378,104,878
3 Average annual wages for Manufacturing jobs in Salt Lake City. See Utah Department Of Workforce Services, Workforce
Research & Analysis, Annual Report Of Labor Market Information, 2023
Page 13 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
These wages will be reinvested into the local economy through purchases of goods, services, home,
etc. Additionally, these wages will create additional jobs within the community.
CONSTRUCTION BENEFIT
Phase IV will also create a significant number of construction jobs and investment over the absorption
period. The average construction wage is $90,600 4 per year. The analysis assumes during the
construction period, there will be 170 construction workers in the Project. This will produce an average
additional $15.42 million in annual wages. Table 3.16 depicts the Development construction wages.
TABLE 3.16: CONSTRUCTION JOBS
ASSUMPTIONS VALUE
Construction Workers 170
Average Annual Wage $90,600
Absorption Period 1 Year
TOTAL CONSTRUCTION SALARIES $15,418,394
In addition to the construction jobs, construction materials and supplies will also be purchased within
the community. This could be a significant benefit, depending on the amount of materials and supplies
purchased within the City.
WHETHER TAX INCREMENT PARTICIPATION IS NECESSARY AND APPROPRIATE
Our review and analysis has concluded that Tax Increment participation is necessary and appropriate
for the following reasons:
Extraordinary Site and Location Improvements Necessary for Development: There are
significant extraordinary infrastructure impediments in the Northwest Quadrant CRA and
particularly within Phase IV of the Development, including import fill and environmental
mitigation.
Tax Increment Participation Mitigates Several System-Wide Infrastructure
Impediments: Public participation in the form of Tax Increment reimbursement will assist the
developer and the Agency in removing several impediments and system-wide infrastructure
investments that based on our professional opinion will lead to substantial development with
the remaining Northwest Quadrant CRA and specifically within Phase IV of the development.
Tax Increment Participation will lead to Significant Growth in the Area’s Tax Base: Phase
IV of development has the potential to create millions in new assessed value within an
underutilized area that has generated very little tax revenue historically for the City and other
taxing entities.
Current Capital Markets are not Sufficient to Cover the Extraordinary Costs: With the
increases in construction costs and significant increase in interest rates over the past 2-4 year
period, access to capital investment in Phase IV is significantly limited by virtue of these two
factors. In essence, capital markets are likely to be able to cover the traditional “private”
investment costs of Phase IV of Development but not the entire system-wide and project
4 Average annual wages for Construction jobs in Salt Lake City. See Utah Department Of Workforce Services, Workforce
Research & Analysis, Annual Report Of Labor Market Information, 2023
Page 14 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
specific infrastructure needed to support the over 355K square feet of development. “But for”
the Tax Increment Reimbursement to the Developer, we believe Phase IV will remain
underutilized and vacant for the foreseeable future.
Page 15 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX A: TIR APPLICATION
Project Name
Total Project Cost Estimated Financial Gap
Estimated Project Start Date Estimated Project Completion Date
Project Street Address City State Zip
Contact Name Contact Phone Contact Email Address
Business Name Tax ID Number
Street Address City State Zip
Entity Type:☐ LLC ☐ 501(c) 3 ☐ Partnership ☐ Joint Venture
☐ C Corp ☐ Other:
% Ownership
☐ Yes ☐ NoAre there any judgments or liens outstanding against the applicant?
Name, Title
☐ Sole Owner
451 South State Street, Room 418, PO Box 145518, Salt Lake City, Utah 84114 I 801-535-7240 I www.slcrda.com
I:
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Ownership - Provide the following information for officers and shareholders owning 10% or more of the
entity.
☐ S Corp
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Date of Application
Role in Proposed Project
PART A
APPLICATION
The Part A Application for the Tax Increment Reimbursement Program ("Program") is the first
part of a two-part process to request tax increment reimbursement ("Reimbursement") from the
Redevelopment Agency of Salt Lake City ("RDA"). Please complete the application in full and
provide supplemental documentation as indicated in section VIII: Attachments . Within 10
business day of submission, RDA staff will notify the applicant if the Part A application is
approved. Once Part A is approved, the applicant will be invited to submit the Part B application.
RDA TIR PROGRAM PART A APPLICATION PAGE 1
38.2 LP
18.1 LP
36.1 Manager
GLC Phase 4a 8/6/202
$64,350,000 $5,000,000
Sept 2025 October 2026
7588 W 700 N SLC UT
841116 801.842.2608 baron@slc-glc.com
NWQ, LLC 82-1888568
6628 W 700 N Ste:501 SLC UT 84116
4
Blue Field NWQ, LLC
MEWF 3 NWQ, LLC
NWQ GP, LLC
4
☐ Other:
☐ Yes ☐ No
☐ Yes ☐ No
☐ Renovation/Rehabilitation of Existing Structure(s)☐ Addition to Existing Structure
Does the project require a zoning change or variance, conditional use permit, subdivision, or other planning
or zoning approval (including historic preservation)?
What is the current and proposed zoning and use of the site?
☐ Yes ☐ No
If yes, will the proposed project displace residents or businesses?
Building area, (sq feet)
☐ Energy Efficiency Upgrades
Land area (acres)
If the applicant does not currently own the site, explain how site control has been or will be obtained,
including timing of acquisition.
☐ New Construction, Undeveloped Site ☐ New Construction, Demolition of Existing Structures
Construction Type:
Project Summary: Provide a brief summary of the project.
II
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Is the site occupied?
RDA TIR PROGRAM PART A APPLICATION PAGE 2
4
25.1 Approx 375k sqft
The project will consist of 2 warehouse buildings and a road to be constructed and
dedicated to Salt Lake City
M-1
4
4
4
☐ No
☐ West Temple Gateway
If a planning or zoning approval is required, indicate if this process has been initiated and provide a
timeline.
Option II: Single-Property Community Reinvestment Area ("CRA")
Option I: Existing Project Area
Project is located in an existing Project Area and meets a corresponding Project Area Objective.
Describe how the proposed project aligns with the Objectives as provided through the most recent Project
Area Strategic Plan as adopted by the RDA Board of Directors.
Which RDA Project Area is the proposed project located?
☐ Central Business District
If Yes, please only fill out "Option I: Existing Project Area" fields in Section V
Is the project located within an existing RDA Project Area?☐ Yes
III: DEVELOPMENT OVERVIEW
V.
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Refer to the RDA Tax Increment Reimbursement Program Policies & Guidelines for more information on Project
Objective Requirements.
If No, please only fill out "Option II: Single-Property Community Reinvestment Area" field in Section V
IV
.
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1) Explain how the proposed project will result in a minimum of a $12 million investment of private capital
and expenditures.
Project is not located in an existing Project Area, but will fulfill economic development objectives as described in the
answers to the five questions below:
☐ Central City
☐ Depot District
☐ Granary District
☐ North Temple
RDA TIR PROGRAM PART A APPLICATION PAGE 3
NWQ is not listed above.
4
☐ Transit Alternatives
☐ Economic Impact
☐ Affordable Housing: AMI Targets
☐ Affordable Housing: Special Populations
☐ Affordable Housing: Neighborhood Opportunity
Does the proposed project include a Public Benefit that may qualify it for increased incentives?
Check all that apply.
☐ Architecture & Urban Design
☐ Historic Preservation
☐ Permanent Job Creation
VI
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☐ Sustainability
☐ Public Amenities
☐ Adaptive Reuse
Describe how the proposed project will meet the criteria for each of the Public Benefits selected above.
5) Explain how the proposed project employs sustainable construction practices consistent with a
reputable sustainable building program.
V.
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2) Demonstrate how the proposed project as a single-property CRA results in job retention/expansion
and/or job creation.
3) Describe how the tax increment reimburement is necessary for the proposed project to succeed.
4) Confirm that the business is an existing Salt Lake City-based business, and describe how the tax
increment reimbursement will result in the business remaining or expanding in Salt Lake City.
RDA TIR PROGRAM PART A APPLICATION PAGE 4
Role Years of
Experience
Architect
Contractor
Developer
Owner
Property
Manager
/Marketing
Agent
Other
Other
Check if Complete
☐
☐
☐
• 4: Preliminary plans (include renderings if available)☐
• 5: Market study (if available) *ONLY for Single-Property CRA ☐
The applicant must attach the following to assist in verficiation of the funding gap.
(please label accordingly)
• 1: Sources and uses (template may be utilized)
• 3: Operating pro forma (template may be utilized)
VI
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Development Team: Please provide the following information for each relevant development team member.
Firm/Organization Contact Name, Email
• 2: Appraised project value
VI
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RDA TIR PROGRAM PART A APPLICATION PAGE 5
AEUrbia
Tom Stuart
NWQ, LLC
NWQ, LLC
CBRE Tom Dischmann
By (signature)
Title Date
I/We hereby certify that all statements in this application are true and complete and are made for the purpose of
obtaining credit. I/We fully understand that it is a federal crime punishable by fine or imprisonment or both to
knowingly make any false statements concerning any of the above facts, as applicable under the provisions of Title
18, United States Code, Section 101.
Applicant (print)
X:
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Applicant Certification
Tax Increment Reimbursement Calculation
A sample Tax Increment Reimbursement calculation is attached to this application as Exhibit A. The formula below
is to calculate the potential maximum total tax increment reimbursement generated from the proposed
improvements and available to a developer shall be as follows:
IX
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a. Step 1: Calculate the Total Annual Tax Increment
The difference between the base taxable value of the proposed project prior to improvements and the
estimated new growth in taxable value resulting from the improvements. (New Growth – Base Value)
Multiplied by the current Salt Lake County effective tax rate.
(New Growth – Base Value) x (Effective Tax Rate) = Total Annual TI
b. Step 2: Calculate the Annual Tax Increment Collected by the RDA
Total Annual TI multiplied by the percentage of TI collected from the taxing entities by the RDA
(Total Annual TI) x (% of TI collected by the RDA) = Annual TI Collected by the RDA
c. Step 3: Calculate the 1 st Year Developer Allocation
(Annual TI Collected by the RDA) x (Developer’s Reimbursement Split [defined below]) = Estimated Year 1 TI
Reimbursement to Developer
(Refer to Section 2.4: Reimbursement Split for more information on calculating the split between the RDA and
the developer.)
d. Step 4: Calculate the Maximum Amount of Tax Increment Available to the Developer Over the Term of the
TI Reimbursement Agreement.
(Estimated Year 1 Tax Increment Reimbursement to Developer) x (the Term of the Reimbursement
Agreement*) = Total Developer Tax Increment Available Over the Term
*Note: An annual growth multiplier based on current economic conditions may be applied to this calculation.
RDA TIR PROGRAM PART A APPLICATION PAGE 6
Baron Gajkowski
Project Manager 08.26.25
Page 22 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX B: TIR NARRATIVE
Qualification & Analysis Narrative
Narrative Request for Phase 4 Development – Northwest Quadrant, Salt Lake City
We respectfully submit this narrative in support of the proposed development of Phase 4,
a 25.1-acre parcel located within the Northwest Quadrant of Salt Lake City and newly annexed
into the NWQ, LLC Master Development Agreement. The site currently faces substantial
barriers to development due to unresolved environmental and infrastructure constraints.
Site Challenges and Conditions
The subject parcel is characterized by poor subsurface conditions, including low-lying
topography and previously disturbed soils, which render the site undevelopable without
significant import fill to achieve buildable elevations and meet required grades for drainage and
building foundations. Additionally, no existing stormwater conveyance infrastructure is available
to serve the site. To enable any meaningful development, a comprehensive storm drain solution
must be implemented, including engineered roadside swales and detention features to manage
on-site runoff and protect downstream waterways in accordance with City standards and
applicable environmental regulations. Furthermore, the site is subject to legacy environmental
concerns, including the potential for contamination stemming from historic land uses and
adjacent disturbed properties. This requires the installation of an environmentally rated vapor
barrier to be installed across building footprints to properly mitigate risks of environmental
exposure.
Burdened Cost Narrative
Understanding the current challenges and conditions that exist for the Northwest
Quadrant, development encounters significant hurdles that impede growth and the future build
out of the area. If not for tax increment reimbursement, these hurdles of import fill,
environmental mitigation, and necessary infrastructure improvements would burden the project
to the point that financial feasibility is greatly impacted.
Page 25 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX C: INTERLOCAL COOPERATION AGREEMENT
Page 78 LRB PUBLIC FINANCE ADVISORS | 41 NORTH RIO GRANDE, SUITE 101 | SALT LAKE CITY, UT 84101
APPENDIX D: MASTER DEVELOPMENT AND
REIMBURSEMENT AGREEMENT
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Item C2
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
MOTION SHEET
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
TO:CRA Board of Directors
FROM:Kate Werrett, Budget & Policy Analyst
DATE:February 10, 2026
RE: USA Climbing at Rio Grande District – Salt Lake Mattress Company Building
MOTION 1 – ADOPT
I move that the Board adopt a resolution amending and restating the lease rate and terms for USA
Climbing Headquarters and Training Facility at approximately 500 West and 300 South.
MOTION 2 – NOT ADOPT
I move that the Board proceed to the next agenda item.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
THE COMMUNITY REINVESTMENT AGENCEY of SALT LAKE CITY
TO:CRA Board Members
FROM:Kate Werrett, Budget and Policy Analyst
DATE:February 10, 2026
RE:USA Climbing at Rio Grande District – Salt Lake Mattress Company Building
________________________________________________________________________________
ISSUE AT-A-GLANCE
This staff report includes a request from the Community Reinvestment Agency (CRA) staff for guidance regarding
potential modifications to Resolution No. 13 of 2024, which authorizes the lease rate and terms for the USA
Climbing Headquarters and Training Facility located at approximately 500 West 300 South. Under this resolution,
the CRA agreed to support USA Climbing (USAC) in the rehabilitation of the historic Salt Lake Mattress Company
(SERTA Building) Building by providing $6 million in rehabilitation funding. Subsequent construction cost
estimates exceeded initial projections, and USAC is unable to cover the additional expenses.
Two potential options have been identified for consideration to determine the path forward. CRA staff is seeking
guidance from the CRA Board regarding these options and direction on how to proceed.
Goal of the briefing: Receive details regarding changes to the existing resolution, discuss the proposed
modifications, and provide direction to CRA staff.
ADDITIONAL & BACKGROUND INFORMATION
USA Climbing is developing construction plans for its headquarters, which will be located at approximately 500
West 300 South. This location is within the CRA’s Rio Grande District and is located within the expired CRA Depot
District as well as the SL Central Housing and Transit Reinvestment Zone (HTRZ) project area. To support catalytic
development within the CRA’s project area, the CRA is collaborating with USA Climbing on the headquarters
project, which is anticipated to draw visitors, spur investment, and contribute to a more active and well-utilized
surrounding area. The attached resolution includes the details of the term sheet and of the USAC agreement. The
project’s public benefits included in the resolution include:
Equitable and inclusive programming
Transportation demand management strategies
Activation of the historic Salt Lake Mattress Company Building
Design, construction, management, and participation in the maintenance of an outdoor plaza
The SERTA Building rehabilitation was anticipated to save the shell of the building, not the interior. USAC received
a $7.3 million cost estimate to complete this renovation work. USAC does not have the capacity to contribute the
additional $1.3 million required for the rehabilitation and has therefore proposed two options for moving forward:
Page | 2
Option 1: The CRA provides an additional $1.3 million to support the rehabilitation of the building shell.
To fund this request, the CRA would need to reallocate resources from other projects or programs.
Option 2: USAC has proposed taking the building down and rebuilding the structure with concrete
masonry brick walls and the original brick used as both interior and exterior facades throughout. The
building would be more structurally sound and would be built to meet the CRA’s Sustainable Development
Policy. NOTE: If this option is selected, USAC will need an additional $250,000 to move forward with this
option. The CRA could use contingency funds to cover this additional cost.
Additional details on the proposed adaptive reuse and the reconstruction options are located within the CRA
transmittal.
ATTACHMENTS
1.CRA Transmittal: USA Climbing at Rio Grande District – Salt Lake Mattress Company Building
2.Resolution No. 13 of 2024 Authorizing Lease Rate and Terms for USA Climbing Headquarters and Training
Facility at Approximately 500 West 300 South
3.Rio Grande District Vision and Implementation Plan
USA Climbing at Rio Grande
CRA Board of Directors
February 10, 2026
Salt Lake Mattress Co. Building
Request
On January 13, 2026, CRA presented two (2) options for incorporating the
Salt Lake Mattress Company building into the USA Climbing project:
adaptive reuse or reconstruction.
Staff have amended the previously-approved term sheet to clarify that
USA Climbing will reconstruct the Mattress Building, with an increased
reimbursement allowance of up to $6.25 million.
Please review the amended term sheet and consider approving via
attached resolution.
Current Mattress Building Terms
Community Benefits:
“During the term of the lease, USA Climbing is committed to providing the community benefits described
below...Activation of the historic Salt Lake Mattress Company Building, anticipated to include - at ground
level - food and beverage and retail components that are open and clearly accessible by the general public
during regular operating hours. The second floor will house private USA Climbing offices and the basement
may be utilized for storage.”
Additional Terms:
“As part of the construction of the project, USA Climbing will take on the responsibility of paying the up-front
costs of rehabilitating the historic Salt Lake Mattress Building. The [CRA] will reimburse USA Climbing up to
$6 million for design and construction costs associated with seismic upgrades and building improvements
needed to meet minimum building code requirements, unless a greater amount is approved by the [CRA]
Board of Directors.”
Proposed Term Amendment
USA Climbing shall expend all reasonable efforts to reconstruct the Salt
Lake Mattress Company Building to match historic conditions, including
building placement, massing, and fenestration patterns, with exceptions
subject to approval by CRA staff. The building shall be carefully
deconstructed, and the historic bricks cleaned, safely stored, and
reappointed to clad the interior and exterior of the structure. USA
Climbing will take on the responsibility of paying the up-front costs of
design, demolition, and reconstruction, and the CRA will reimburse USA
Climbing up to $6,250,000 for these costs.
Next Steps
If the Board chooses to adopt the resolution with amended term sheet:
USA Climbing will advance the design of a reconstructed Mattress Building in
accordance with the approved terms.
The additional funding (up to $250,000) is allocated to the Rio Grande District
Property Disposition & Site Work Project and will be made available for the design,
demolition, and reconstruction of the Mattress Building.
Salt Lake Mattress Co. Building
Graphics from the Rio Grande District Vision & Implementation Plan (2024)
1907 2020 (post earthquake)2020 (post reinforcement)
Salt Lake Mattress Co. Building
USA Climbing HQ & National Training Center
310 S. 500 West development site and vicinity
USA Climbing HQ & National Training Center
On July 9, 2024, CRA Board approved term sheet
for ground lease of Rio Grande site.
Three (3) primary project components:
New construction of primary climbing training
facility
Outdoor plaza
Rehabilitation and activation of Salt Lake
Mattress Co. Building
CRA committed to reimburse USA Climbing up to
$6 million for costs associated with rehabilitating
Mattress Building.
Approximate lease area
Proposed Design
Northern (front) facade
Interface between Mattress Building and new construction
Eastern facade
Northeast corner Southern (rear) facade
Challenges
Eastern facade
Northeast corner Southern (rear) facade
Challenges
Adaptive Reuse - $7.3 million
Reconstruction - $6.25 million
Considerations
Consider proposed options for incorporation of the historic Salt Lake
Mattress Company building into the USA Climbing project. Options
include adaptive reuse OR reconstruction using historic materials.
Both options would result in an aesthetically similar end product.
Both options require additional funding (at different scales).
Both options involve removal/reappointment of large swaths of
historic brick.
Reconstruction would minimize safety concerns during construction.
Reconstruction would result in a more energy efficient building that
supports USA Climbing’s goal to achieve on-site net zero status.
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
01/23/2026
Date Sent to Council:
01/27/2026
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
01/25/2026
Chief of Staff's Signed Date
01/27/2026
Subject:
USA Climbing at Rio Grande District – Salt Lake Mattress Company Building
Additional Staff Contact:
Ashley Ogden, Senior Project Manager ashley.ogden@slc.gov
Presenters/Staff Table
Ashley Ogden, Senior Project Manager ashley.ogden@slc.gov
Document Type
Resolution
Budget Impact?
Yes
No
Budget Impact:
$250,000
Recommendation:
Review the amended term sheet and consider approving via attached resolution.
Background/Discussion
At the January 13, 2026, CRA Board Meeting, CRA staff provided an overview of two (2) options for incorporating the Mattress Building into the USA Climbing project: adaptive reuse or reconstruction. Based on discussion during the meeting, CRA sta ff have amended the Approved Terms to clarify that USAC will reconstruct the Mattress Building, with an increased reimbursement allowance of up to $6.25 million. Attachment A includes a redlined version of the amended terms. If the CRA Board chooses to adopt the amended term sheet, a draft resolution is included as Attachment B.
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115 WWW.SLC.GOV · WWW.CRA.SLC.GOV
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
STAFF MEMO
DATE: January 23, 2026
PREPARED BY: Ashley Ogden, Senior Project Manager
RE: USA Climbing at Rio Grande District – Salt Lake Mattress Company Building
REQUESTED ACTION: Review the amended term sheet and consider approving via attached
resolution
POLICY ITEM: Real Property Disposition, Budget
BUDGET IMPACTS: Use of $250,000 that is allocated to the Rio Grande District Property
Disposition & Site Work Project
EXECUTIVE SUMMARY:
On July 9, 2024, the Community Reinvestment Agency Board of Directors (“CRA Board”) approved
Resolution No. 13 of 2024 authorizing terms (“Approved Terms”) associated with the disposition of
CRA-owned property for the development of USA Climbing’s (“USAC”) headquarters and national
training center. Per the Approved Terms, the project is to include a) the new construction of the
primary climbing training facility, b) the rehabilitation and activation of the historic Salt Lake Mattress
Company building (“Mattress Building”), and c) the new construction of an outdoor plaza. The CRA
committed to reimbursing USAC up to $6 million for design and construction costs associated with
rehabilitation of the Mattress Building. USAC committed to activating the Mattress Building with
publicly accessible food, beverage, and retail uses for the duration of the ground lease term.
After bringing a contractor on board and further evaluating what it will take to adaptively reuse the
Mattress Building, it was determined that additional structural reinforcement will be necessary to
maintain a safe work environment during construction. In addition, large swaths of the historic brick
are unstable and will need to be removed and reappointed, further compromising the building’s
stability. These factors result in a higher-than-anticipated project cost of $7.3 million. USAC has
indicated that the organization is unable to absorb any costs beyond the $6 million being provided by
the CRA.
As an alternative, USAC proposed to reconstruct the Mattress Building using concrete masonry block
(CMU) that is clad with the historic brick on the interior and exterior. Aesthetically, the end result
would be similar to what would be achieved via adaptive reuse: same building placement, elevations,
fenestration patterns, etc. Benefits of this option include safer working conditions during construction
(a key concern for all parties), a safe and efficient building that meets modern seismic and energy
building codes, and a lower project cost at an estimated $6.25 million.
At the January 13, 2026, CRA Board Meeting, CRA staff provided an overview of two (2) options for
incorporating the Mattress Building into the USA Climbing project: adaptive reuse or reconstruction.
Based on discussion during the meeting, CRA staff have amended the Approved Terms to clarify
that USAC will reconstruct the Mattress Building, with an increased reimbursement allowance
of up to $6.25 million. Attachment A includes a redlined version of the amended terms. If the CRA
Board chooses to adopt the amended term sheet, a draft resolution is included as Attachment B.
ANALYSIS:
Notable proposed amendments to the Approved Terms include:
• Replacement of all references to the Redevelopment Agency of Salt Lake City (RDA) with the
Salt Lake City Community Reinvestment Agency (CRA).
• Addition of the following language regarding reconstruction of the Mattress Building: USA
Climbing shall expend all reasonable efforts to reconstruct the Salt Lake Mattress Company
Building to match historic conditions, including building placement, massing, and fenestration
patterns, with exceptions subject to approval by CRA staff. The building shall be carefully
deconstructed, and the historic bricks cleaned, safely stored, and reappointed to clad the
interior and exterior of the structure. USA Climbing will take on the responsibility of paying
the up-front costs of design, demolition, and reconstruction, and the CRA will reimburse USA
Climbing up to $6,250,000 for these costs.
NEXT STEPS:
If the Board chooses to adopt the resolution with amended term sheet:
• USA Climbing will advance design of a reconstructed Mattress Building in accordance with the
approved terms.
• The additional funding (up to $250,000) is allocated to the Rio Grande District Property
Disposition & Site Work Project and will be made available for the design, demolition, and
reconstruction of the Mattress Building.
PREVIOUS BOARD ACTION:
• On September 29, 2020, the CRA Board conducted a straw poll releasing $865,000 to stabilize
the Mattress Building, which had sustained serious damage from the March 2020 earthquake.
• On April 16, 2024, the CRA Board adopted a resolution approving FY2024 Budget
Amendment #2, which allocated $8,100,000 to the Rio Grande District Property Disposition &
Site Work Project.
• On July 9, 2024, the CRA Board adopted a resolution authorizing the lease rate and terms for
the USA Climbing headquarters and training facility at approximately 500 West 300 South.
•On December 10, 2024, the CRA Board adopted a resolution endorsing the CRA’s utilization
of the Rio Grande District Vision & Implementation Plan.
ATTACHMENTS:
A.Redlined version of amended term sheet
B.Draft resolution to adopt amended term sheet
1
ATTACHMENT A
USA CLIMBING AT RIO GRANDE DISTRICT
Development and Ground Lease Agreement Term Sheet
Purpose
The purpose of ground leasing RedevelopmentCommunity Reinvestment Agency property to USA
Climbing is to help facilitate the construction of their national headquarters and training facility as well as
establish an exciting and catalytic anchor tenant for the Rio Grande District.
Parties
The RedevelopmentSalt Lake City Community Reinvestment Agency (CRA)of Salt Lake City (RDA) and
USA Climbing. USA Climbing is the national governing body of the sport of competition climbing in the
United States. USA Climbing is a non-profit entity that promotes the disciplines of bouldering, lead and
speed climbing, as well as collegiate and paraclimbing series.
Property to be Leased
A portion of property near the southwest corner of 500 West 300 South, Salt Lake City, Utah 84101. The
lease area shall encompass building footprints, setback areas between buildings and adjacent rights-of-
way, and the outdoor plaza. An approximate depiction of the real property to be leased is shown in Exhibit
1 of this document and will be referred throughout as “Lease Area.”
Project Description
The project involves the construction of a headquarters and training facility for USA Climbing, which will
include:
1. New construction of a primary structure that is about 65-75 feet tall with a roughly 45,000 sf
footprint (exact specifications subject to further stakeholder engagement). This structure will
include bouldering, lead, and speed climbing walls, as well as other support uses that are typical
of a climbing facility. Most areas of the facility will be accessible by the community; some spaces
will be reserved for the U.S. National Team’s exclusive use. The exterior building facades will
include climbing walls.
2. RehabilitationReconstruction and activation of the historic Salt Lake Mattress Company building,
anticipated to include publicly facing and accessible food, beverage, and retail uses, as well as
private spaces for USA Climbing offices.
3. New construction of an outdoor plaza that will be utilized for USA Climbing-hosted competitions
as well as other non-USA Climbing events (will be designed to accommodate 3,500 – 5,000
spectators).
Lease Terms
1. Term: 99 years, to commence upon execution of a ground lease agreement. Execution of a
ground lease agreement is contingent on both parties satisfying the conditions outlined in the last
section of this document. Ownership of the improvements constructed on the Lease Area will
revert to RDACRA ownership at the end of the term. In the last five years of the term, USA
Climbing may exercise an option to renew the lease for an additional 50 years. The lease rate for
the additional lease period will be fair market value, unless otherwise negotiated and approved by
the administration and legislative body.
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2. Lease Rate: As set forth in more detail below, the lease rate will be based on a portion of the fair
market value of the Lease Area and will be increased incrementally over time. The outdoor plaza
space shall not be included in the calculation of the lease rate. Stated another way, the outdoor
plaza shall be leased at no cost.
a. The annual lease rate will be the fee simple, fair market value of the Lease Area (not
including the outdoor plaza space, as determined by an RDACRA-commissioned
appraisal) multiplied by 5% (Annual Lease Rate). If a ground lease agreement is not
executed within 12 months of the approval of this term sheet by the RDA Board of
Directors, the RDA shall reserve the right to commission an updated appraisal on which
the Annual Lease Rate will be based.
b. The Annual Lease Rate will be increased, or escalated, every five years. This escalator is
based on the average consumer price index (CPI) rate over the previous five years, with a
minimum escalation rate of 2% and a maximum escalation rate of 5%. The first
escalation will take place at the start of the 6th year of the lease and be based on the
average CPI rate calculated for the first 1-5 years of the lease. The Annual Lease Rate,
inclusive of the escalation, shall be referred to as the “Escalated Annual Lease Rate.”
c. The Escalated Annual Lease Rate shall be reduced according to the following schedule:
i. Years 1-6: USA Climbing will not make any lease payments during the first six
years to account for construction and stabilization.
ii. Year 7: USA Climbing shall make a payment that is equal to 45% of the
Escalated Annual Lease Rate.
iii. Year 8: USA Climbing shall make a payment that is equal to 50% of the
Escalated Annual Lease Rate.
iv. Year 9: USA Climbing shall make a payment that is equal to 55% of the
Escalated Annual Lease Rate.
v. Years 10-99: USA Climbing shall make annual payments that are equal to 60% of
the Escalated Annual Lease Rate.
3. Common Area Maintenance (CAM) Fees: CAM fees will be collected from Rio Grande District
property lessees to contribute to the cost of maintaining public spaces in the neighborhood. The
annual CAM fee for USA Climbing will be $1.50 per square foot of the gross floor area of their
project, inclusive of the new structure and the reconstructed Salt Lake Mattress Company
Building (Annual CAM Fee). Gross floor area shall be interpreted to mean the sum in square feet
of all floors of the building, measured from the exterior face of the exterior walls. The Annual
CAM Fee will be assessed upon USA Climbing receiving its occupancy permit, be charged at the
same reduced rate as the schedule provided in 2.c.i-v, and escalated in the same manner as
outlined in 2.b.
4. Community Benefits: During the term of the lease, USA Climbing is committed to providing the
community benefits described below. The lease rate outlined above is tied to USA Climbing
providing these benefits, and as such, should USA Climbing not provide these benefits, the lease
rate will increase as specified in more detail in the agreements.
a. Equitable and inclusive programming that may include offerings such as youth
programming, workforce development opportunities, and access to the facility for
community members who may not otherwise have access to the sport of climbing, based
on income or other key measures.
3
b. Transportation demand management strategies to reduce auto dependency of employees
and visitors and encourage the use of alternative modes of transportation. This may
include discounted day passes for those that utilize public transit, and inclusion of
shower, locker, and bicycle storage facilities.
c. Activation of the historicreconstructed Salt Lake Mattress Company Building, anticipated
to include – at ground level - food and beverage and retail components that are open and
clearly accessible by the general public during regular operating hours. The second floor
will house private USA Climbing offices. and the basement may be utilized for storage.
d. Design, construction, and management of the outdoor plaza, which will primarily be used
for USA Climbing-hosted events and made available for use by other entities for
additional events.
i. Design – USA Climbing shall work collaboratively with the RDACRA to
develop the design for the outdoor plaza, which shall be incorporated into the
construction drawings for the larger project at USA Climbing’s sole expense.
ii. Construction – The plaza shall be constructed by USA Climbing and built at the
same time as the rest of the project. Prior to construction, USA Climbing and the
RDACRA will determine a cost-sharing formula and the RDACRA will
reimburse USA Climbing for agreed-upon plaza construction costs, in an amount
not to exceed $1 million, unless a greater amount is approved by the RDACRA
Board of Directors.
iii. Management – USA Climbing will be responsible for managing the use of the
plaza, for both USA Climbing and non-USA Climbing-hosted events. It is
anticipated that USA Climbing will host six (6) multi-day competition events per
year, in addition to smaller events associated with their programming. USA
Climbing events may take precedence over other plaza uses but when there is no
scheduling conflict, USA Climbing shall allow all reasonable requests by outside
parties to utilize the plaza for special events. USA Climbing shall not charge the
City or RDACRA for the use of the plaza. Other Rio Grande District property
lessees that contribute to the CAM fund will be charged a reduced rental rate for
the use of the plaza.
iv. Maintenance – USA Climbing shall contribute to a CAM fund that will be
utilized to fund maintenance of the outdoor plaza, as well as other publicly
owned parks, plazas, park strips, public art, alleyways, parking facilities, etc.,
within the neighborhood. CAM fees will also be used to fund enhanced street and
sidewalk maintenance beyond the baseline City maintenance level. The
RDACRA shall be responsible for implementing maintenance activities funded
by the CAM assessment.
e. Tracking and Reporting. Some of the community benefits described above are physical
improvements that will be memorialized in construction drawings, development
agreements, cost-sharing agreements, and/or use agreements. Others are programmatic
and ongoing in nature and shall be memorialized in a 5-year community benefits plan that
is provided by USA Climbing to RDACRA Staff for their approval, and which may be
amended from time to time with prior Staff approval. RDACRA Staff will present USA
Climbing’s informational progress report to the RDACRA Board of Directors at the
conclusion of each 5-year plan period.
5. Additional Terms:
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a. Parking: The RDACRA is exploring the feasibility of financing and developing a shared
parking structure on the south block of the neighborhood.
i. If developed, the RDACRA will lease parking privileges to interested property
owners and tenants, including USA Climbing, based on operational needs,
estimated demand, and parking management best practices.
ii. If the parking structure is not completed by the time the USA Climbing project is
operational, the RDACRA shall lease adjacent RDACRA-owned property to
USA Climbing at no cost for a temporary surface parking lot. USA Climbing
shall be responsible for funding and constructing all site improvements necessary
for the surface parking lot. The planned location of the parking structure and
temporary surface parking lot (if needed) is shown in Exhibit 2.
iii. Should the parties need surface parking for an extended period, or if the proposed
temporary parking location becomes unavailable for this use, the parties will
work together to negotiate a solution to accommodate USA Climbing’s parking
needs within one block of their facility, with the goal of ultimately eliminating
the surface parking lot.
b. Salt Lake Mattress Company Building: USA Climbing shall expend all reasonable efforts
to reconstruct the Salt Lake Mattress Company Building to match historic conditions,
including building placement, massing, and fenestration patterns, with exceptions subject
to approval by CRA staff. The building shall be carefully deconstructed, and the historic
bricks cleaned, safely stored, and reappointed to clad the interior and exterior of the
structure. As part of the construction of the project, USA Climbing will take on the
responsibility of paying the up-front costs of rehabilitatingdesign, demolition, and
reconstruction, and the historic Salt Lake Mattress Building. Tthe RDACRA will
reimburse USA Climbing up to $6,250,000 for these costs. million for design and
construction costs associated with seismic upgrades and building improvements needed
to meet minimum building code requirements, unless a greater amount is approved by the
RDA Board of Directors.
c. Demolition of Existing Buildings: The Lease Area currently contains multiple existing
structures that are currently being leased to the State of Utah and will be demolished to
accommodate the project. USA Climbing will take on the responsibility of paying the up-
front costs of demolition. The RDACRA will reimburse USA Climbing up to $120,000
for these costs, unless a greater amount is approved by the RDACRA Board of Directors.
d. Contaminated Soil Disposal: It is possible that USA Climbing will encounter soils
contaminated with semi-volatile organic compounds (SVOCs) during excavation for their
building. Potentially contaminated soils should be screened and stockpiled during
excavation and disposed of in accordance with applicable laws. USA Climbing will take
on the responsibility of paying the up-front costs of disposing of contaminated soils, and
the RDACRA will reimburse USA Climbing for the cost differential associated with
transporting and disposing of contaminated soil versus non-contaminated soil. It is
anticipated that the cost differential will not exceed $200,000.
e. RDACRA to Develop Certain Adjacent Public Improvements: As part of the planned
redevelopment of the neighborhood, RDACRA will design and install utilities with
increased capacity to support increased density, reconstruct 300 South between 500 West
and 600 West, and extend the City grid by building out new midblock street connections,
as illustrated in Exhibit 3. It is the RDACRA’s intent to coordinate with USA Climbing,
the design consultants, and pertinent City divisions when developing plans for the public
improvements adjacent to USA Climbing’s lease area.
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i. Accessible Parking Spaces – The RDACRA recognizes that USA Climbing
works with paraclimbing athletes who may require special accommodation. As
such, the RDACRA commits to working with USA Climbing to identify
opportunities to incorporate accessible on-street parking spaces near the project,
along the planned Market Street alignment.
Conditions to Execution of Lease and Development Agreements
USA Climbing to receive approval of these development agreement and lease terms by the
RDACRA Board of Directors.
Compliance with all applicable laws and regulations, including any applicable RDACRA policies
such as the Sustainable Development and Public Art policies. If any waivers of RDACRA
policies are requested, such waivers must be considered by the RDACRA Board of Directors.
The Project shall align with the RDACRA’s administrative design review process, which shall
require RDACRA’s review and approval to ensure the design and development plans are
consistent with the term sheet.
USA Climbing to receive all City approvals required to construct the Project, including obtaining
any necessary zoning approvals from the City’s Planning Division and a will-issue demolition
and building permit from the City’s Building Services Division.
USA Climbing to provide evidence of insurance in such amounts and coverage as deemed
necessary by the RDACRA.
RDACRA to review USA Climbing’s projected operating pro forma to ensure that future ground
lease payments are supported and the Project will be maintained, during the term, consistent with
the RDACRA Board-approved term sheet.
Parties agree on the form of a Development Agreement, which shall include, but is not limited to:
o USA Climbing’s commitment to construct the Project consistent with the RDACRA
Board-approved term sheet, all City approvals, and a schedule of development.
o An RDACRA-approved community benefit plan/strategy.
o RDACRA to approve USA Climbing’s financial sources and uses and firm financial
commitments for sources of funding and donations consistent with the schedule of
development.
o USA Climbing’s commitment to comply with all applicable laws and regulations.
o An obligation for USA Climbing to provide the RDACRA quarterly progress reports on
the construction of the Project.
o Remedies should USA Climbing not comply with the terms of the Development
Agreement may include, but not be limited to, filing a breach of contract claim,
terminating the ground lease, damages, injunctive relief, or any other remedies available
at law.
Parties to agree on the form of a Lease Agreement, which shall include, but is not limited to:
o USA Climbing’s obligation to pay the applicable Lease Rate and CAM fees.
o USA Climbing’s commitment to maintain the Project, during the term, consistent with the
RDACRA -Board approved term sheet.
o USA Climbing shall not be permitted to assign the lease to an unaffiliated entity without
the RDACRA’s consent, which may be withheld at the RDACRA’s sole discretion.
o Submission and approval of the community benefits plan.
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o An obligation for USA Climbing to provide the RDACRA annual progress reports on the
performance of the public benefits.
o Continual operation of USA Climbing’s headquarters, outdoor plaza, and activation of the
reconstructed Salt Lake Mattress Company Building consistent with the term sheet and
the community benefits plan.
o Remedies should USA Climbing not comply with the terms of the Lease Agreement may
include, but not be limited to, filing a breach of contract claim, terminating the ground
lease, increasing the Lease Rate, damages, injunctive relief, or any other remedies
available at law.
Receive approval from the RDACRA and City Attorney’s Office on all matters pertaining to the
legality, sufficiency, and form and substance of all other documents that are deemed reasonably
necessary for the execution of the transaction.
7
Exhibit 1: Lease Area
8
9
Exhibit 2: Proposed Future Parking Areas
Temporary Surface
Parking Lot
Shared Parking
Structure
10
Exhibit 3: Planned Neighborhood Midblock Street Connections
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO. __________
Amending and Restating Lease Rate and Terms for USA Climbing Headquarters and
Training Facility at Approximately 500 West 300 South
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY AMENDING AND RESTATING THE LEASE
RATE AND TERMS FOR THE USA CLIMBING HEADQUARTERS AND TRAINING
FACILITY AT CRA-OWNED PROPERTY AT APPROXIMATELY 500 WEST 300 SOUTH
IN THE DEPOT DISTRICT PROJECT AREA.
WHEREAS, on July 9, 2024, the Board of Directors (Board) of the Salt Lake City
Community Reinvestment Agency (CRA) passed Resolution No. 13 of 2024 authorizing the
lease rate and terms (Approved Terms) for the development of a USA Climbing (USAC)
headquarters and training facility (Project) at CRA-owned property at approximately 500 West
300 South in the Depot District Project Area (Property).
WHEREAS, the Approved Terms include provisions for USAC to incorporate the
historic Salt Lake Mattress Company Building (Mattress Building) into the Project.
WHEREAS, the Approved Terms indicate that USAC will rehabilitate and activate the
Mattress Building for the duration of the 99-year ground lease term.
WHEREAS, the Approved Terms indicate that USAC will pay the up-front costs of
rehabilitating the Mattress Building, and the CRA will reimburse USAC up to $6,000,000 for
qualifying design and construction costs associated with the rehabilitation, unless a greater
amount is approved by the Board.
WHEREAS, following more detailed due diligence, the cost of Mattress Building
rehabilitation is now estimated to be $7,300,000. USAC has indicated it is unable to pay
additional costs beyond the $6,000,000 allocated in the Approved Terms. USAC has proposed an
alternative option to reconstruct the Mattress Building utilizing its historic materials for an
estimated cost of $6,250,000.
WHEREAS, based on discussion during the informational briefing provided to the Board
at the January 13, 2026, meeting, CRA staff has amended the Approved Terms (Amended and
Restated Term Sheet) to clarify that CRA will provide an additional $250,000 in
reimbursement for USAC’s reconstruction of the Mattress Building for a total maximum
reimbursement allowance of $6,250,000.
NOW, THEREFORE, BE IT RESOLVED by the Board that the Board approves the
Amended and Restated Term Sheet attached hereto, and that the Board authorizes the CRA
administration to negotiate the final agreements consistent with the Amended and Restated Term
Sheet or more beneficial to the CRA, and execute the ground lease and any other relevant
ATTACHMENT B
documents consistent with this Resolution and incorporating such other terms and agreements as
recommended by the City Attorney’s office.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency
on this day of , 2026, to be effective upon adoption.
________________________________
, Chair
Approved as to form: /s/ Jennifer Huntsman___________________
Salt Lake City Attorney’s Office
Jennifer Huntsman
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
EXHIBIT A
AMENDED AND RESTATED TERM SHEET
1
USA CLIMBING AT RIO GRANDE DISTRICT
Development and Ground Lease Agreement Term Sheet
Purpose
The purpose of ground leasing Community Reinvestment Agency property to USA Climbing is to help
facilitate the construction of their national headquarters and training facility as well as establish an
exciting and catalytic anchor tenant for the Rio Grande District.
Parties
The Salt Lake City Community Reinvestment Agency (CRA) and USA Climbing. USA Climbing is the
national governing body of the sport of competition climbing in the United States. USA Climbing is a
non-profit entity that promotes the disciplines of bouldering, lead and speed climbing, as well as
collegiate and paraclimbing series.
Property to be Leased
A portion of property near the southwest corner of 500 West 300 South, Salt Lake City, Utah 84101. The
lease area shall encompass building footprints, setback areas between buildings and adjacent rights-of-
way, and the outdoor plaza. An approximate depiction of the real property to be leased is shown in Exhibit
1 of this document and will be referred throughout as “Lease Area.”
Project Description
The project involves the construction of a headquarters and training facility for USA Climbing, which will
include:
1. New construction of a primary structure that is about 65-75 feet tall with a roughly 45,000 sf
footprint (exact specifications subject to further stakeholder engagement). This structure will
include bouldering, lead, and speed climbing walls, as well as other support uses that are typical
of a climbing facility. Most areas of the facility will be accessible by the community; some spaces
will be reserved for the U.S. National Team’s exclusive use. The exterior building facades will
include climbing walls.
2. Reconstruction and activation of the historic Salt Lake Mattress Company building, anticipated to
include publicly facing and accessible food, beverage, and retail uses, as well as private spaces
for USA Climbing offices.
3. New construction of an outdoor plaza that will be utilized for USA Climbing-hosted competitions
as well as other non-USA Climbing events (will be designed to accommodate 3,500 – 5,000
spectators).
Lease Terms
1. Term: 99 years, to commence upon execution of a ground lease agreement. Execution of a
ground lease agreement is contingent on both parties satisfying the conditions outlined in the last
section of this document. Ownership of the improvements constructed on the Lease Area will
revert to CRA ownership at the end of the term. In the last five years of the term, USA Climbing
may exercise an option to renew the lease for an additional 50 years. The lease rate for the
additional lease period will be fair market value, unless otherwise negotiated and approved by the
administration and legislative body.
2
2. Lease Rate: As set forth in more detail below, the lease rate will be based on a portion of the fair
market value of the Lease Area and will be increased incrementally over time. The outdoor plaza
space shall not be included in the calculation of the lease rate. Stated another way, the outdoor
plaza shall be leased at no cost.
a. The annual lease rate will be the fee simple, fair market value of the Lease Area (not
including the outdoor plaza space, as determined by a CRA-commissioned appraisal)
multiplied by 5% (Annual Lease Rate).
b. The Annual Lease Rate will be increased, or escalated, every five years. This escalator is
based on the average consumer price index (CPI) rate over the previous five years, with a
minimum escalation rate of 2% and a maximum escalation rate of 5%. The first
escalation will take place at the start of the 6th year of the lease and be based on the
average CPI rate calculated for the first 1-5 years of the lease. The Annual Lease Rate,
inclusive of the escalation, shall be referred to as the “Escalated Annual Lease Rate.”
c. The Escalated Annual Lease Rate shall be reduced according to the following schedule:
i. Years 1-6: USA Climbing will not make any lease payments during the first six
years to account for construction and stabilization.
ii. Year 7: USA Climbing shall make a payment that is equal to 45% of the
Escalated Annual Lease Rate.
iii. Year 8: USA Climbing shall make a payment that is equal to 50% of the
Escalated Annual Lease Rate.
iv. Year 9: USA Climbing shall make a payment that is equal to 55% of the
Escalated Annual Lease Rate.
v. Years 10-99: USA Climbing shall make annual payments that are equal to 60% of
the Escalated Annual Lease Rate.
3. Common Area Maintenance (CAM) Fees: CAM fees will be collected from Rio Grande District
property lessees to contribute to the cost of maintaining public spaces in the neighborhood. The
annual CAM fee for USA Climbing will be $1.50 per square foot of the gross floor area of their
project, inclusive of the new structure and the reconstructed Salt Lake Mattress Company
Building (Annual CAM Fee). Gross floor area shall be interpreted to mean the sum in square feet
of all floors of the building, measured from the exterior face of the exterior walls. The Annual
CAM Fee will be assessed upon USA Climbing receiving its occupancy permit, be charged at the
same reduced rate as the schedule provided in 2.c.i-v, and escalated in the same manner as
outlined in 2.b.
4. Community Benefits: During the term of the lease, USA Climbing is committed to providing the
community benefits described below. The lease rate outlined above is tied to USA Climbing
providing these benefits, and as such, should USA Climbing not provide these benefits, the lease
rate will increase as specified in more detail in the agreements.
a. Equitable and inclusive programming that may include offerings such as youth
programming, workforce development opportunities, and access to the facility for
community members who may not otherwise have access to the sport of climbing, based
on income or other key measures.
b. Transportation demand management strategies to reduce auto dependency of employees
and visitors and encourage the use of alternative modes of transportation. This may
include discounted day passes for those that utilize public transit, and inclusion of
shower, locker, and bicycle storage facilities.
3
c. Activation of the reconstructed Salt Lake Mattress Company Building, anticipated to
include – at ground level - food and beverage and retail components that are open and
clearly accessible by the general public during regular operating hours. The second floor
will house private USA Climbing offices.
d. Design, construction, and management of the outdoor plaza, which will primarily be used
for USA Climbing-hosted events and made available for use by other entities for
additional events.
i. Design – USA Climbing shall work collaboratively with the CRA to develop the
design for the outdoor plaza, which shall be incorporated into the construction
drawings for the larger project at USA Climbing’s sole expense.
ii. Construction – The plaza shall be constructed by USA Climbing and built at the
same time as the rest of the project. Prior to construction, USA Climbing and the
CRA will determine a cost-sharing formula and the CRA will reimburse USA
Climbing for agreed-upon plaza construction costs, in an amount not to exceed
$1 million, unless a greater amount is approved by the CRA Board of Directors.
iii. Management – USA Climbing will be responsible for managing the use of the
plaza, for both USA Climbing and non-USA Climbing-hosted events. It is
anticipated that USA Climbing will host six (6) multi-day competition events per
year, in addition to smaller events associated with their programming. USA
Climbing events may take precedence over other plaza uses but when there is no
scheduling conflict, USA Climbing shall allow all reasonable requests by outside
parties to utilize the plaza for special events. USA Climbing shall not charge the
City or CRA for the use of the plaza. Other Rio Grande District property lessees
that contribute to the CAM fund will be charged a reduced rental rate for the use
of the plaza.
iv. Maintenance – USA Climbing shall contribute to a CAM fund that will be
utilized to fund maintenance of the outdoor plaza, as well as other publicly
owned parks, plazas, park strips, public art, alleyways, parking facilities, etc.,
within the neighborhood. CAM fees will also be used to fund enhanced street and
sidewalk maintenance beyond the baseline City maintenance level. The CRA
shall be responsible for implementing maintenance activities funded by the CAM
assessment.
e. Tracking and Reporting. Some of the community benefits described above are physical
improvements that will be memorialized in construction drawings, development
agreements, cost-sharing agreements, and/or use agreements. Others are programmatic
and ongoing in nature and shall be memorialized in a 5-year community benefits plan that
is provided by USA Climbing to CRA Staff for their approval, and which may be
amended from time to time with prior Staff approval. CRA Staff will present USA
Climbing’s informational progress report to the CRA Board of Directors at the conclusion
of each 5-year plan period.
5. Additional Terms:
a. Parking: The CRA is exploring the feasibility of financing and developing a shared
parking structure on the south block of the neighborhood.
i. If developed, the CRA will lease parking privileges to interested property owners
and tenants, including USA Climbing, based on operational needs, estimated
demand, and parking management best practices.
4
ii. If the parking structure is not completed by the time the USA Climbing project is
operational, the CRA shall lease adjacent CRA-owned property to USA Climbing
at no cost for a temporary surface parking lot. USA Climbing shall be responsible
for funding and constructing all site improvements necessary for the surface
parking lot. The planned location of the parking structure and temporary surface
parking lot (if needed) is shown in Exhibit 2.
iii. Should the parties need surface parking for an extended period, or if the proposed
temporary parking location becomes unavailable for this use, the parties will
work together to negotiate a solution to accommodate USA Climbing’s parking
needs within one block of their facility, with the goal of ultimately eliminating
the surface parking lot.
b. Salt Lake Mattress Company Building: USA Climbing shall expend all reasonable efforts
to reconstruct the Salt Lake Mattress Company Building to match historic conditions,
including building placement, massing, and fenestration patterns, with exceptions subject
to approval by CRA staff. The building shall be carefully deconstructed, and the historic
bricks cleaned, safely stored, and reappointed to clad the interior and exterior of the
structure. USA Climbing will take on the responsibility of paying the up-front costs of
design, demolition, and reconstruction, and the CRA will reimburse USA Climbing up to
$6,250,000 for these costs.
c. Demolition of Existing Buildings: The Lease Area contains multiple structures that are
currently being leased to the State of Utah and will be demolished to accommodate the
project. USA Climbing will take on the responsibility of paying the up-front costs of
demolition. The CRA will reimburse USA Climbing up to $120,000 for these costs,
unless a greater amount is approved by the CRA Board of Directors.
d. Contaminated Soil Disposal: It is possible that USA Climbing will encounter soils
contaminated with semi-volatile organic compounds (SVOCs) during excavation for their
building. Potentially contaminated soils should be screened and stockpiled during
excavation and disposed of in accordance with applicable laws. USA Climbing will take
on the responsibility of paying the up-front costs of disposing of contaminated soils, and
the CRA will reimburse USA Climbing for the cost differential associated with
transporting and disposing of contaminated soil versus non-contaminated soil. It is
anticipated that the cost differential will not exceed $200,000.
e. CRA to Develop Certain Adjacent Public Improvements: As part of the planned
redevelopment of the neighborhood, CRA will design and install utilities with increased
capacity to support increased density, reconstruct 300 South between 500 West and 600
West, and extend the City grid by building out new midblock street connections, as
illustrated in Exhibit 3. It is the CRA’s intent to coordinate with USA Climbing, the
design consultants, and pertinent City divisions when developing plans for the public
improvements adjacent to USA Climbing’s lease area.
i. Accessible Parking Spaces – The CRA recognizes that USA Climbing works
with paraclimbing athletes who may require special accommodation. As such, the
CRA commits to working with USA Climbing to identify opportunities to
incorporate accessible on-street parking spaces near the project, along the
planned Market Street alignment.
5
Conditions to Execution of Lease and Development Agreements
• USA Climbing to receive approval of these development agreement and lease terms by the CRA
Board of Directors.
• Compliance with all applicable laws and regulations, including any applicable CRA policies such
as the Sustainable Development and Public Art policies. If any waivers of CRA policies are
requested, such waivers must be considered by the CRA Board of Directors.
• The Project shall align with the CRA’s administrative design review process, which shall require
CRA’s review and approval to ensure the design and development plans are consistent with the
term sheet.
• USA Climbing to receive all City approvals required to construct the Project, including obtaining
any necessary zoning approvals from the City’s Planning Division and a will-issue demolition
and building permit from the City’s Building Services Division.
• USA Climbing to provide evidence of insurance in such amounts and coverage as deemed
necessary by the CRA.
• CRA to review USA Climbing’s projected operating pro forma to ensure that future ground lease
payments are supported and the Project will be maintained, during the term, consistent with the
CRA Board-approved term sheet.
• Parties agree on the form of a Development Agreement, which shall include, but is not limited to:
o USA Climbing’s commitment to construct the Project consistent with the CRA Board-
approved term sheet, all City approvals, and a schedule of development.
o An CRA-approved community benefit plan/strategy.
o CRA to approve USA Climbing’s financial sources and uses and firm financial
commitments for sources of funding and donations consistent with the schedule of
development.
o USA Climbing’s commitment to comply with all applicable laws and regulations.
o An obligation for USA Climbing to provide the CRA quarterly progress reports on the
construction of the Project.
o Remedies should USA Climbing not comply with the terms of the Development
Agreement may include, but not be limited to, filing a breach of contract claim,
terminating the ground lease, damages, injunctive relief, or any other remedies available
at law.
• Parties to agree on the form of a Lease Agreement, which shall include, but is not limited to:
o USA Climbing’s obligation to pay the applicable Lease Rate and CAM fees.
o USA Climbing’s commitment to maintain the Project, during the term, consistent with the
CRA Board approved term sheet.
o USA Climbing shall not be permitted to assign the lease to an unaffiliated entity without
the CRA’s consent, which may be withheld at the CRA’s sole discretion.
o Submission and approval of the community benefits plan.
o An obligation for USA Climbing to provide the CRA annual progress reports on the
performance of the public benefits.
o Continual operation of USA Climbing’s headquarters, outdoor plaza, and activation of the
reconstructed Salt Lake Mattress Company Building consistent with the term sheet and
the community benefits plan.
o Remedies should USA Climbing not comply with the terms of the Lease Agreement may
include, but not be limited to, filing a breach of contract claim, terminating the ground
lease, increasing the Lease Rate, damages, injunctive relief, or any other remedies
available at law.
6
• Receive approval from the CRA and City Attorney’s Office on all matters pertaining to the
legality, sufficiency, and form and substance of all other documents that are deemed reasonably
necessary for the execution of the transaction.
7
Exhibit 1: Lease Area
8
Exhibit 2: Proposed Future Parking Areas
Temporary Surface
Parking Lot
Structure
9
Exhibit 3: Planned Neighborhood Midblock Street Connections
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CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
THE COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:CRA Board Members
FROM:Allison Rowland
Senior Budget & Policy Analyst
DATE:February 10, 2026
RE: INFORMATIONAL: UPDATE ON THE TENANT WEALTH BUILDING PARTNERSHIP
WITH THE PERPETUAL HOUSING FUND
ISSUE-AT-A-GLANCE
The Community Reinvestment Agency’s (CRA) Tenant Wealth Building Partnership provided $10 million to the
Perpetual Housing Fund of Utah (PHF) in August 2023. This amount was part of American Rescue Plan Act
(ARPA) funds allocated to Salt Lake City as part of the Federal COVID-19 relief and recovery efforts. The CRA’s
agreement with PHF requires that PHF provide annual updates to the Board regarding its progress in
developing affordable units that also provide opportunities to build wealth. PHF will update the Board about its
first development project, which is located at 515 East 100 South, and includes rehabilitating several floors of a
larger building for households earning 25% to 50% of the area median income. It will also describe progress on
new projects that will help fulfill its obligation to build 1,000 wealth-building units over the next 20 years.
Goal of the briefing: Receive and discuss the annual update from the Perpetual Housing Fund of Utah,
which is partly funded by the CRA’s Tenant Wealth Building Partnership.
ADDITIONAL INFORMATION
The goal of the CRA’s Tenant Wealth Building Partnership was to take advantage of a portion of the substantial
amount of American Rescue Plan Act funds allocated to the City to help provide a lasting mechanism by which
renters could increase their savings. The City opted to invest $10 million of its ARPA funds in the new Perpetual
Housing Fund of Utah, which committed to building 1,000 tenant wealth-building units over the following 20
years.
The program will share most of the profits generated from each project with the tenants, including annual cash
flow, long-term equity generation, and proceeds from future refinancing and sale. This is, in other words, a
profit-sharing arrangement between PHF and its tenants, with payouts to the residents linked to annual rent
increases and paydown of the property’s mortgage, net of development and management costs for the units.
Item Schedule:
Page | 2
Residents will not have ownership or shares in the real estate itself, but proceeds will be distributed
proportionally to all residents, past and current, through an annual rent rebate. In addition, a profit payout will
occur whenever the project is refinanced, or at the end of the term of a limited partner (like LIHTC investors,
after 15 years).
SLC Council
ARPA Funds
Committed
96 Units of PHF Housing
25% - 50% AMI
1 000 PHF Units
er 20 Year
Arbor 515
Impact Coworking
United Way
PHF Housing
Office (Level 3)
Childcare &
Community Assets
Existing Garage
Arbor 515
Salt Lake City
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08-36-155-032
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PARCEL 3
08-36-155-036
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CYNTHIA J.
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08-36-155-029
SIGNATURE BOOKS, INC
08-36-155-012
SIGNATURE BOOKS INC
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JOHN P. HATCH
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400 NORTH STREET
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20,728 sq ft
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10
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SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
01/23/2026
Date Sent to Council:
01/27/2026
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
01/25/2026
Chief of Staff's Signed Date
01/27/2026
Subject:
Salt Lake City Community Reinvestment Agency Tenant Wealth Building Partnership with Perpetual Housing Fund Update
Additional Staff Contact:
Tracy Tran, Senior Project Manager, tracy.tran@slc.gov
Presenters/Staff Table
Tracy Tran, Senior Project Manager, tracy.tran@slc.gov
Document Type
Information Item
Budget Impact?
Yes
No
Recommendation:
N/A
Background/Discussion
In August 2023, the CRA Board approved a term sheet to provide $10,000,000 in American Rescue Plan Act Funds to Perpetual Housing Fund of Utah (PHF) for a tenant wealth building initiative (TWBI). The funds we used to acquire a condominiumized portion of a larger building, located at 515 East 100 South. This portion of building was converted to affordable housing units targeting households earning 25% to 50% of the area median income (AMI) and included participation in PHF’s TWBI. In exchange for providing these Rescue Plan Funds to PHF, PHF has committed to building an additional 1,000 tenant wealth-building units over the next 20 years. PHF will provide the Board an update at the meeting.
Public Hearing
Is there a City or State statutory requirement to hold a public hearing for this item?*
Yes
No
The City Council reserves the option to hold and notice for a public hearing pursuant to their practices for public engagement.
Does the City have a general practice to hold a public hearing for this item?*
Yes
No
Public Process
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SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 115 WWW.SLC.GOV · WWW.CRA.SLC.GOV
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR RIN ENDENHALL
Executive Director
DANNY ALZ
Director
STAFF MEMO
DATE: January 23, 2026
PREPARED BY: Tracy Tran, Senior Project Manager
RE: Salt Lake City Community Reinvestment Agency Tenant Wealth Building
Partnership with Perpetual Housing Fund Update
REQUESTED ACTION: Briefing. No action requested.
POLICY ITEM: Affordable Housing
BUDGET IMPACTS: N/A
EXECUTIVE SUMMARY
In August 2023, the Salt Lake Community Reinvestment Agency (“CRA”) Board of Directors
(“Board”) approved a resolution and term sheet to provide $10,000,000 in American Rescue Plan Act
(“Rescue Plan Funds”) funds to the Perpetual Housing Fund (“PHF”) for a tenant wealth building
initiative (“TWBI”). The Rescue Plan Funds were used to acquire a condominiumized portion of a
larger building, located at 515 East 100 South. This portion of building was converted to affordable
housing units targeting households earning 25% to 50% of the area median income (AMI) and
included participation in PHF’s TWBI. In exchange for providing these Rescue Plan Funds to PHF,
PHF has committed to building an additional 1,000 tenant wealth-building units over the next 20
years. Under PHF’s TWBI model, PHF will share the majority of profits generated from annual cash
flow, long-term equity generation, and future refinancing and sale proceeds with PHF project
residents.
The CRA’s agreement with PHF requires that PHF provide to CRA annual updates regarding their
progress in developing the additional units. Since this is the first update since completing the initial
project, PHF will provide an update to the Board about the initial project funded with the Rescue
Plan Funds and projects in the pipeline that will fulfill the obligations to build 1,000 wealth building
units over the next 20 years.
BACKGROUND
When the City first received notice of the significant Rescue Plan Funds that it would receive, the
Administration set out to identify the principles by which it would propose this money be allocated.
In addition to taking care of the City’s most urgent needs (revenue replacement, public safety, and
emergency shelter), the Administration’s goal was to allocate a large portion of Rescue Plan Funds in
a way that leverages private investment and creates lasting, generational changes for families in Salt
Lake City, which resulted in partnering with PHF.
About the Perpetual Housing Fund of Utah:
PHF is a Utah non-profit affordable housing organization whose mission is to reimagine existing
housing programs to share profits with PHF project residents. PHF exists to help remove financial
barriers that keep a rapidly expanding portion of population from building wealth where they
live. Unlike other non-profit affordable housing development entities that use profits to build more
affordable units, PHF will share their profits with residents in a variety of ways, as detailed in the
next section.
How the model works:
PHF projects are anticipated to be financed with traditional affordable housing resources and may
include Low Income Housing Tax Credits (LIHTCs). Under PHF’s model, PHF will share with PHF
project residents the majority of profits generated from annual cash flow, long-term equity
generation, and future refinance and sale proceeds. The amount of cash flow and profit (which will
translate into payouts to the tenants) will largely depend on annual rent increases and the paydown of
the project’s mortgage. Over the past several years, area median incomes (AMIs) have been
increasing much faster than is projected when development projects are underwritten and financed.
With LIHTC-funded projects, rental rates are tied to AMIs and, as such, rents have been increasing
faster than projected. Traditional developers and their investors have been receiving the financial
benefits of these rapidly escalating rents that increase annual cash flow of the project. Instead of
reaping these benefits for the developer and investors, PHF would share these financial benefits with
PHF project residents.
PHF has established a nonprofit tenant entity that will have a permanent interest in the development
and the contractual obligation to ensure PHF project residents will receive profits from the
project. The ownership and profits-interest structure will vary slightly, depending on if the project
utilizes LIHTCs and has a tax credit investor in the ownership structure during the first years after a
PHF project is placed into service. The ownership structure and profits-interest will generally be as
follows:
LIHTC PROJECTS: YEAR 1 – 15
OWNERSHIP % PROFIT %
2
NON LIHTC PROJECTS &
LIHTC PROJECTS: YEAR 16 +
OWNERSHIP % PROFIT %
PHF & FUND INVESTORS 99.99% 25.00%
RESIDENTS/TENANT NPO 0.00% 75.00%
The profits-interest not otherwise allocated to the PHF project residents will offset costs associated
with developing and managing the units. PHF project residents will not have ownership or shares in
the real estate itself. Rather, there will be an agreement between the tenant nonprofit entity and the
PHF project residents to distribute proceeds in the following ways.
• Annual rent rebate – A portion of the project’s annual cash flow (profit after collecting all
rent and other income, paying all operating expenses, paying debt service, and setting aside
cash reserves for future repairs) that would typically be received by the developer will be
allocated to current PHF project residents as a rent rebate via cash payment to be distributed
on an annual basis.
• Profit payout – When there is an event that generates profit, or further cashflow (refinance,
exit of the limited partner, etc.), all the cumulative residents over time will receive a payment
that represents a proportionate share of the available profit. The proportion of the profit a
household receives will depend on the length of time they lived in a PHF unit. With projects
that involve LIHTCs, the profit generating event will often happen 15 years after the project
is placed into service because that's when the tax credits end and the LIHTC investor exits the
ownership structure.
• Profit advance – PHF will set aside a portion of its initial developer fee for the project to
fund a 0%, zero payment revolving fund to help PHF project residents access a portion of
their anticipated profits early in the event of an emergency or major life event (medical,
educational, entrepreneurial, etc.). These funds are replenished from the PHF project
resident’s share of profit whenever a profit payout would naturally happen.
• Profit tradeup – PHF will be co-developing hundreds of units with the Rocky Mountain
Homes Fund (RMHF), an entity that provides a missing-middle home ownership option for
households making 60-120% AMI (and occasionally less). Subject to availability, PHF
tenants will be able to transfer their accruals from a PHF project for a 1:1 reduction in
purchase price on a RMHF home.
PREVIOUS BOARD ACTION
• On August 8, 2023, the CRA Board approved Resolution 14 of 2023, adopting a term sheet
for The Perpetual Housing Fund of Utah, LLC.
3
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Item C4
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STRAW POLL
COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:City Council Members
FROM: Allison Rowland, Policy and Budget Analyst
DATE:February 10, 2026
RE: STRAW POLL: TRANSFERRING FUNDS TO JEFFERSON PARK
MOTION 1 – ADOPT ORDINANCE
I move that the Board approve allocating $150,000 from the “State Street Infrastructure
Improvements” category to a new CRA category called “Jefferson Park.”
MOTION 2 – NOT ADOPT
I move that the Council not adopt the resolution.
Jefferson Park
October| 2025
A Public Lands & CRA Opportunity
for Community Impact
A Neighborhood Connector
Investment In Jefferson Park
Public Lands
CRA Opportunity
Public Lands is in early design for Reimagine Jefferson Park.
Project Funding:
$750,000 Reimagine Neighborhood Parks Go Bond
$530,000 CIP Award for park improvements including a loop trail and lighting
Total: $1,280,000*
*Total does not include playground investment of $300,000, installed September 2025.
Project Timeline: Design started in summer 2025 with construction anticipated fall 2026
Key Project Features: Install walking loop trail and lighting around the entire park.
Naturalize the basin with easy to maintain plantings to increase beauty and biodiversity.
Install wet meadow with walking trail as a key feature on west end of site.
Regrade basin to improve access, capacity, and highlight ecological function.
Upgrade and modify irrigation system as needed.
Add seating and shade to park.
Add play area for ages 2-5 years to playground between swings and playset.
Improve entrance at West Temple for park identity and gathering. If funding allows add simple mid-block crossing on
Fremont Ave and entrances at 200 West and Goltz Avenue.
Note: Project is still being refined and is in the concept stage.
A CRA investment in Jefferson Park would elevate the quality and safety of green space in the neighborhood leading to higher park use.
Site History
Jefferson School Built in 1910. Demolished in 1985.1911 Sanborn Map with current Jefferson Park boundary
Jefferson Park
Jefferson Park’s function as a stormwater detention basin in 2019
Challenge
Community engagement revealed residents feel
Jefferson Park is unsafe due to open drug use by
groups congregating in the park.
Physical factors influencing drug use include:
•Location near TRAX
•Detention basin design
•Lack of clear sightlines
•Connectivity is poor
•Lacks park identity
•No lighting
Vision
Create a well-connected, safe, and welcoming park
with a strong identity.
•Incorporate Crime Prevention Through
Environmental Design guidelines.
•Follow Sustainable SITES principles.
•Highlight function of site as a detention basin.
•Install additional entrances and pathways.
•Add infrastructure to support events.
•Add new amenities as funds and guidelines allow.
•Low maintenance high quality design.
CRA State Street Plan
Ballpark
NEXT
Jefferson
Park
OBJECTIVE #1 – Neighborhood Revitalization
Underutilized land is returned to productive use through a
reduction in the number of blighted buildings and vacant lots to
reduce crime and improve the physical environment of the project
area.
•TACTIC: Prioritize “nuisance properties” for
revitalization.
•TACTIC: RDA projects to employ CPTED principles.
•TACTIC: Encourage connectivity in the project area
both as a means of implementing the Downtown
Plan and as a mechanism for crime reduction.
•TACTIC: Ensure CRA activities support high quality,
enduring projects and promote sound architectural
and urban design principles to encourage safe,
sustainable, and livable neighborhoods.
CRA State Street Plan
OBJECTIVE #5 – Public Spaces and Transportation
A healthy and sustainable neighborhood with a unique
identity, community access to open space, safe streets,
connectivity to adjacent neighborhoods, and multimodal
transportation
•TACTIC: Coordinate with SLC Parks and Public Lands
to explore options for new park(s).
•TACTIC: Coordinate with Transportation and
Planning Divisions to support development of
walkable corridors, including mid-block pedestrian
walkways, landscaping, wide sidewalks…
•TACTIC: Integrate sustainable design features and
green infrastructure into projects to mitigate
impacts of new development and promote a
resilient urban environment.
•TACTIC: Collaborate with SLC Arts Council at early
stages of projects to identify opportunities to
integrate public art into community spaces.
Ballpark
NEXT
Jefferson
Park
CRA State Street Plan
STANDARDS
Reimagine Jefferson Park is already seeking to
implement many of the standards in State Street
Reinvestment Area Plan including:
•Support pedestrian-friendly development
•Encourage placemaking
•Engage in high-quality design
•Use durable materials
Ballpark
NEXT
Jefferson
Park
CRA Investment
GOAL: Increase safety through neighborhood connectivity and strong park identity.
#3 - Add new Goltz
Avenue entrance
and path.
#4 - Define West Temple
entrance. New plaza,
artwork, plantings,
seating.
#1 – Add 200 West
entrance to connect
with Trax. Overlook
deck to wet meadow.
#2 – Fremont mid-
block entrance with
steps into basin and
path to Goltz Ave.
Ballpark
NEXT
TRAX
MeadUP 9 Line
Wet Meadow
1 2 4
3
Mid-Block
Crossing
Area #1 – 200 West Entrance
PROPOSED DESIGN
Create new entrance on 200 West
•Improve walking connection with TRAX and
neighborhood to south
•Create overlook deck into basin wet
meadow plantings
•Establish park identity with signage,
seating, and plantings.
Construction Estimate: $100,000-$150,000
Jefferson Park Project Area
Stormwater Mitigation Pond Plantings Concept for Park’s West End
Example of Overlook Deck to View Wetland Meadow
Area #2 – Fremont Mid-Block Entrance
PROPOSED DESIGN
Create new entrance on Fremont Avenue
•Improve mid-block connection from
Fremont to Goltz Avenue.
•Add staircase into and out of basin.
•Connect street to park with benches
carved into the berm and small area
surrounded by plantings for gathering.
Construction Estimate: $60,000-$75,000
Jefferson Park Project Area
Planted slopes and stairs into basin
Tongva Park, James Corner Field Operations
Area #3 – Goltz Avenue Entrance
Jefferson Park Project Area
Secondary Park Entrance Concept
PROPOSED DESIGN
Create new entry on Goltz Avenue
•Improve walking connection with MeadUP,
the 9-Line, and neighborhoods to the north.
•Establish park identity with signage, seating,
and plantings.
•Pathway into park connects to a new mid-
block entry on Fremont Avenue
Construction Estimate: $100,000-$125,000
Area #4 – West Temple Entrance
PROPOSED DESIGN
Improve entry at West Temple
•Establish park identity with signage,
seating, and plantings.
•Replace and reconfigure entry plaza
•New art element for pump station housing
Construction Estimate: $125,000-$175,000
Jefferson Park Project Area
Upper Left: Custom Signage
Upper Right: Pump station
architectural housing with
lighting
Lower: New Entry
Additional Information
Precedents
CPTED Guidelines
Follow design guidelines for Crime Prevention
Through Environmental Design to make
Jefferson Park safer and more welcoming for
the community.
•Establish sense of identity and reclaim use
with signage and improved entrances.
•Establish new access points into the basin.
•Activate the space to bring regular users with
loop trail and other possible new amenities.
•Create a park that is easily maintained.
•Install lighting to improve visibility.
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
01/23/2026
Date Sent to Council:
01/27/2026
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
01/25/2026
Chief of Staff's Signed Date
01/27/2026
Subject:
Reimagine Jefferson Park
Additional Staff Contact:
Lauren Parisi, Senior Project Manager, lauren.parisi@slc.gov
Presenters/Staff Table
Lauren Parisi, CRA Senior Project Manager, lauren.parisi@slc.gov
Amy Reid, Associate Landscape Architect, Planning & Design Division, amy.reid@slc.gov
Document Type
Information Item
Budget Impact?
Yes
No
Budget Impact:
$150,000
Recommendation:
Approve a straw poll for Jefferson Park enhancements.
Background/Discussion
Request from Public Lands to support Jefferson Park enhancements.
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: January 23, 2026
PREPARED BY: Lauren Parisi, CRA Senior Project Manager
RE: Reimagine Jefferson Park
REQUESTED ACTION: Straw Poll for Jefferson Park Revitalization
POLICY ITEM: State Street Project Area
BUDGET IMPACTS: $150,000 from the State Street Fund-Infrastructure Improvements
Program
EXECUTIVE SUMMARY:
Salt Lake City’s Public Lands Department is actively planning enhancements to Jefferson Park at
approximately 1100 South and West Temple in the Community Reinvestment Agency’s (CRA) State
Street project area. As detailed in the memo from Public Lands, some funding has already been
allocated to the project from various sources; however, more funding is needed to support elements
such as a wet meadow, lighting, seating and signage to increase the park’s sense of place. This straw
poll request contemplates a $150,000 allocation to “Reimagine Jefferson Park” to make these
additional improvements.
BACKGROUND INFORMATION:
Approximately $1,280,000 has been allocated to Reimagine Jefferson Park from the Parks GO Bond
and CIP funds. The existing budget supports key improvements including a walking loop trail around
the park’s perimeter, but more funds are needed for additional placemaking efforts. Public Lands
have developed two preliminary design concepts and will solicit feedback from the public on
February 18th before finalizing drawings. In addition to the CRA’s contribution, another $150,000
may come from a private donor, bringing the total budget for Reimagine Jefferson Park to
$1,580,000.
The unbudgeted, FY23 State Street Infrastructure Improvements appropriation totals $500,000. If the
Board approves a $150,00 allocation for Jefferson Park, the remaining balance would be $350,000.
AVAILABLE FUNDS
Unbudgeted Appropriations Budget
Total $500,000
2
STRAW POLL REQUEST
Proposed Changes to
Unbudgeted Appropriations Budget
Straw Poll
Request
Amount
Remaining
Total $500,000 $150,000 $350,000
PREVIOUS BOARD ACTION:
• In FY2022-2023, the Board appropriated $500,000 towards the State Street Project Area
Infrastructure Improvement Fund
ATTACHMENTS:
• Public Lands’s Memo – 1/16/2025
• Jefferson Park Design Opportunities – 10/2025
Jefferson Park $0 $150,000
ERIN MENDENHALL
Mayor Kim Shelley
Director of Public Lands
PUBLIC LANDS DEPARTMENT
1965 WEST 500 SOUTH
SALT LAKE CITY, UT 84104
www.slc.gov/parks/
PHONE 801-972-7800
FAX 801-972-7847
Date: January 16, 2026
To: Lauren Parisi, Senior Project Manager, Community Reinvestment Agency
Tracy Tran, Senior Project Manager, Community Reinvestment Agency
Danny Walz, Director, Community Reinvestment Agency
From: Tom Millar, Director, Planning & Design Division, Public Lands Department
Amy Reid, Assoc. Landscape Architect, Planning & Design Division, Public Lands Department
Re: Jefferson Park Revitalization Opportunity for CRA
_____________________________________________________________________________________
Overview
Public Lands is currently designing a $1.28M park revitalization project, “Reimagine Jefferson Park”, in
the Community Reinvestment Agency’s (CRA) State Street project area. Existing funding comes from
CIP and the Parks GO Bond. An opportunity exists for the CRA to contribute additional funding to help
Public Lands enhance placemaking in Jefferson Park by adding features like an additional plaza, lighting,
seating, and park signage.
Public Lands believes these additional improvements, in combination with the currently funded ones, will
help accomplish the CRA’s goals for the project area, particularly in light of the Ballpark NEXT project
and Ballpark Community Design Plan just a few hundred feet south of Jefferson Park.
Jefferson Park Guiding Principles
Community outreach and site analysis for the Reimagine Jefferson Park project revealed both the need
and desire for a safer park with more amenities. Public Lands’ guiding principles for Jefferson Park
include:
• Public engagement
• Respect and highlight site’s function as a stormwater detention basin, with assistance from Public
Utilities
• Add recreation opportunities
• Add amenities to promote health and social connection
• Incorporate Crime Prevention Through Environmental Design (CPTED) guidelines
• Follow Sustainable SITES principles (like LEED for landscapes)
• Low maintenance / high quality design
• Improve site neighborhood connectivity
• Enhance placemaking through design
Funding
Primary funding is from $750,000 in GO Bond funding (for the park’s improvement broadly) and
$530,000 in CIP parks impact fee funding for a loop walking trail and park lighting. Total project budget
is $1,280,000 with an approximate $900,000 construction budget. An additional $300,000 beyond that
ERIN MENDENHALL
Mayor Kim Shelley
Director of Public Lands
PUBLIC LANDS DEPARTMENT
1965 WEST 500 SOUTH
SALT LAKE CITY, UT 84104
www.slc.gov/parks/
PHONE 801-972-7800
FAX 801-972-7847
$1.28M was invested last fall in the form of new playground equipment, swing set, and poured-in-place
surfacing.
Estimated Project Timeline (Subject to Change)
Summer/Fall 2025 Design and Engagement
February 2026 Share Concepts via Open House and Shape SLC
Spring/Summer 2026 Construction Docs and Secure Permits
Fall 2026 Bidding and Secure Contractor
Fall/Winter 2026 Possible Construction Start (will depend on permitting)
Alignment with CRA State Street Reinvestment Area Plan’s Standards and Objectives
Reimagine Jefferson Park is already seeking to implement many of the State Street Reinvestment Area
Plan’s standards, including:
• Support pedestrian-friendly development
• Encourage placemaking
• Engage high-quality design
• Use durable materials
The Reimagine Jefferson Park project also aligns nicely with two objectives from the State Street
Reinvestment Area Plan:
Objective #1 – Neighborhood Revitalization – “Underutilized land is returned to productive use
through a reduction in the number of blighted buildings and vacant lots to reduce crime and
improve the physical environment of the project area.”
Public Lands Response: While Jefferson Park is not a vacant lot, it is suffering from crime and
blight. Many residents expressed frustration that they could not utilize the park because of safety
concerns.
Objective #5 – Public Spaces and Transportation – “A healthy and sustainable neighborhood
with a unique identity, community access to open space, safe streets, connectivity to adjacent
neighborhoods, and multimodal transportation.”
Public Lands Response: Jefferson Park is a neighborhood connector in the heart of critical
existing and future infrastructure. It is uniquely positioned immediately north of the Ballpark
NEXT project boundary, northeast of the Ballpark TRAX Station, and south of MeadUP, the 9-
Line Trail, and the Central Ninth neighborhood. A revitalized park will emphasize walkability
and neighborhood connection with amenities that encourage physical activity and social
connection while highlighting the detention basin’s essential function.
ERIN MENDENHALL
Mayor Kim Shelley
Director of Public Lands
PUBLIC LANDS DEPARTMENT
1965 WEST 500 SOUTH
SALT LAKE CITY, UT 84104
www.slc.gov/parks/
PHONE 801-972-7800
FAX 801-972-7847
Next Steps & Timing
An investment from the CRA at this stage of the project is ideal because we have not started construction
document development and still have a final round of community engagement planned. We have
developed two preliminary concepts that will be shared with the public on February 18th at 6:30 p.m.
when the Central Ninth Community Council and Public Lands co-host an open house at Publik Coffee.
The concepts will also be shared via Shape SLC as Public Lands seeks additional input and engagement.
CC: Kim Shelley
Makaylah Maponga
Kira Johnson
Jefferson Park
October| 2025
A Public Lands & CRA Opportunity
for Community Impact
A Neighborhood Connector
Investment In Jefferson Park
Public Lands
CRA Opportunity
Public Lands is in early design for Reimagine Jefferson Park.
Project Funding:
$750,000 Reimagine Neighborhood Parks Go Bond
$530,000 CIP Award for park improvements including a loop trail and lighting
Total: $1,280,000*
*Total does not include playground investment of $300,000, installed September 2025.
Project Timeline: Design started in summer 2025 with construction anticipated fall 2026
Key Project Features: Install walking loop trail and lighting around the entire park.
Naturalize the basin with easy to maintain plantings to increase beauty and biodiversity.
Install wet meadow with walking trail as a key feature on west end of site.
Regrade basin to improve access, capacity, and highlight ecological function.
Upgrade and modify irrigation system as needed.
Add seating and shade to park.
Add play area for ages 2-5 years to playground between swings and playset.
Improve entrance at West Temple for park identity and gathering. If funding allows add simple mid-block crossing on
Fremont Ave and entrances at 200 West and Goltz Avenue.
Note: Project is still being refined and is in the concept stage.
A CRA investment in Jefferson Park would elevate the quality and safety of green space in the neighborhood leading to higher park use.
Site History
Jefferson School Built in 1910. Demolished in 1985.1911 Sanborn Map with current Jefferson Park boundary
Jefferson Park
Jefferson Park’s function as a stormwater detention basin in 2019
Challenge
Community engagement revealed residents feel
Jefferson Park is unsafe due to open drug use by
groups congregating in the park.
Physical factors influencing drug use include:
•Location near TRAX
•Detention basin design
•Lack of clear sightlines
•Connectivity is poor
•Lacks park identity
•No lighting
Vision
Create a well-connected, safe, and welcoming park
with a strong identity.
•Incorporate Crime Prevention Through
Environmental Design guidelines.
•Follow Sustainable SITES principles.
•Highlight function of site as a detention basin.
•Install additional entrances and pathways.
•Add infrastructure to support events.
•Add new amenities as funds and guidelines allow.
•Low maintenance high quality design.
CRA State Street Plan
Ballpark
NEXT
Jefferson
Park
OBJECTIVE #1 – Neighborhood Revitalization
Underutilized land is returned to productive use through a
reduction in the number of blighted buildings and vacant lots to
reduce crime and improve the physical environment of the project
area.
•TACTIC: Prioritize “nuisance properties” for
revitalization.
•TACTIC: RDA projects to employ CPTED principles.
•TACTIC: Encourage connectivity in the project area
both as a means of implementing the Downtown
Plan and as a mechanism for crime reduction.
•TACTIC: Ensure CRA activities support high quality,
enduring projects and promote sound architectural
and urban design principles to encourage safe,
sustainable, and livable neighborhoods.
CRA State Street Plan
OBJECTIVE #5 – Public Spaces and Transportation
A healthy and sustainable neighborhood with a unique
identity, community access to open space, safe streets,
connectivity to adjacent neighborhoods, and multimodal
transportation
•TACTIC: Coordinate with SLC Parks and Public Lands
to explore options for new park(s).
•TACTIC: Coordinate with Transportation and
Planning Divisions to support development of
walkable corridors, including mid-block pedestrian
walkways, landscaping, wide sidewalks…
•TACTIC: Integrate sustainable design features and
green infrastructure into projects to mitigate
impacts of new development and promote a
resilient urban environment.
•TACTIC: Collaborate with SLC Arts Council at early
stages of projects to identify opportunities to
integrate public art into community spaces.
Ballpark
NEXT
Jefferson
Park
CRA State Street Plan
STANDARDS
Reimagine Jefferson Park is already seeking to
implement many of the standards in State Street
Reinvestment Area Plan including:
•Support pedestrian-friendly development
•Encourage placemaking
•Engage in high-quality design
•Use durable materials
Ballpark
NEXT
Jefferson
Park
CRA Investment
GOAL: Increase safety through neighborhood connectivity and strong park identity.
#3 - Add new Goltz
Avenue entrance
and path.
#4 - Define West Temple
entrance. New plaza,
artwork, plantings,
seating.
#1 – Add 200 West
entrance to connect
with Trax. Overlook
deck to wet meadow.
#2 – Fremont mid-
block entrance with
steps into basin and
path to Goltz Ave.
Ballpark
NEXT
TRAX
MeadUP 9 Line
Wet Meadow
1 2 4
3
Mid-Block
Crossing
Area #1 – 200 West Entrance
PROPOSED DESIGN
Create new entrance on 200 West
•Improve walking connection with TRAX and
neighborhood to south
•Create overlook deck into basin wet
meadow plantings
•Establish park identity with signage,
seating, and plantings.
Construction Estimate: $100,000-$150,000
Jefferson Park Project Area
Stormwater Mitigation Pond Plantings Concept for Park’s West End
Example of Overlook Deck to View Wetland Meadow
Area #2 – Fremont Mid-Block Entrance
PROPOSED DESIGN
Create new entrance on Fremont Avenue
•Improve mid-block connection from
Fremont to Goltz Avenue.
•Add staircase into and out of basin.
•Connect street to park with benches
carved into the berm and small area
surrounded by plantings for gathering.
Construction Estimate: $60,000-$75,000
Jefferson Park Project Area
Planted slopes and stairs into basin
Tongva Park, James Corner Field Operations
Area #3 – Goltz Avenue Entrance
Jefferson Park Project Area
Secondary Park Entrance Concept
PROPOSED DESIGN
Create new entry on Goltz Avenue
•Improve walking connection with MeadUP,
the 9-Line, and neighborhoods to the north.
•Establish park identity with signage, seating,
and plantings.
•Pathway into park connects to a new mid-
block entry on Fremont Avenue
Construction Estimate: $100,000-$125,000
Area #4 – West Temple Entrance
PROPOSED DESIGN
Improve entry at West Temple
•Establish park identity with signage,
seating, and plantings.
•Replace and reconfigure entry plaza
•New art element for pump station housing
Construction Estimate: $125,000-$175,000
Jefferson Park Project Area
Upper Left: Custom Signage
Upper Right: Pump station
architectural housing with
lighting
Lower: New Entry
Additional Information
Precedents
CPTED Guidelines
Follow design guidelines for Crime Prevention
Through Environmental Design to make
Jefferson Park safer and more welcoming for
the community.
•Establish sense of identity and reclaim use
with signage and improved entrances.
•Establish new access points into the basin.
•Activate the space to bring regular users with
loop trail and other possible new amenities.
•Create a park that is easily maintained.
•Install lighting to improve visibility.
This page has intentionally been left blank
UPDATES TO THE BOARD OF DirEctors
february 2026
Folsom Trail Daylighting
Public Lands is advancing construction documents with Arcadis for the Folsom Trail Landscaping and
Irrigation Project, with a 90% design review expected in the coming months and final design,
permitting, and bidding anticipated this spring.
Public Lands and CRA staff have coordinated since at least 2019 on the Folsom Trail and the
landscaping and irrigation project, alongside early momentum for a City Creek Daylighting concept.
In 2020, Public Lands, Public Utilities, and CRA completed a feasibility study confirming the potential
for partial daylighting of water within the Folsom Drain culvert beneath portions of the trail.
Public Lands will continue to coordinate opportunities across all future design reviews and
construction, ensuring full compatibility with the CRA’s 40% City Creek Daylighting plans and
maintaining clear alignment with future creek daylighting design efforts.
CRA will continue to collaborate with Public Lands and Public Utilities to issue an RFP for a consultant
to finalize the plans.
The CRA anticipates establishing a cross-departmental design review team to oversee the project
process.
UP
D
A
T
E
S
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
The North Temple Mural Project launches this month, bringing large-scale murals to
the corridor that celebrate neighborhood identity and reflect the area’s history and
culture.
Partnering with local artists and 5–7 property owners, the project delivers visible
investment while supporting jobs in the creative economy.
The murals contribute to broader revitalization efforts by creating more welcoming,
pedestrian-friendly streetscapes along North Temple.
Applications will be accepted February 15 - March 15, 2026
Salt Lake City Community Reinvestment Agency
North Temple Mural Program
st
a
f
f
U
P
D
A
T
E
S
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
CRA Staff Updates
At the end of February, our Senior Project Manager, Lauren Parisi, will
be leaving the Agency to relocate to be closer to family.
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
THE COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:CRA Board Members
FROM:Allison Rowland
Senior Budget & Policy Analyst
DATE:February 10, 2026
RE: INFORMATIONAL: FOLSOM TRAIL PROJECT UPDATES
ISSUE-AT-A-GLANCE
The Community Reinvestment Agency (CRA) is coordinating with the Department of Public Lands (DPL) on the
Folsom Trail Landscaping and Irrigation Project and the City Creek Daylighting project. The project has
received State grant funding and additional CRA funding to complete the construction drawings for the
daylighting portion of the project, and the CRA will continue to collaborate with Public Lands to issue an RFP
for a consultant to finalize the plans.
Goal of the briefing: Review the progress of the Folsom Trail Landscaping and Irrigation Project and the City
Creek Daylighting project.
ADDITIONAL INFORMATION
Last month, the Board requested an update on the status of the CRA’s work on the Folsom Trail and the
coordination efforts between the Department of Public Lands (DPL) and CRA on the City Creek Daylighting
project. The CRA and DPL report the following:
The Folsom Trail Landscaping and Irrigation Project is nearing final design review and a consultant is
working on construction documents.
o Building permits and bidding on the project are planned for spring, with construction
“substantially complete” by the end of 2026.
o The team continues to work on planned improvements near the American Barrel Superfund
site in coordination with the Utah Department of Environmental Quality (DEQ), the
Environmental Protection Agency (EPA), and Union Pacific Railroad.
Item Schedule:
Page | 2
The CRA has worked with DPL to develop the trail and landscaping, as well as daylighting City Creek,
since 2019. The following year, the Department of Public Utilities joined them for an initial feasibility
study, which confirmed the potential for partial daylighting of City Creek.
o The design documents advance key landscape and hardscape improvements in the CRA’s plans.
The goal is to activate and improve safety along the trail first, while ensuring additional
daylighting infrastructure can be added in the future without the need to remove or reconstruct
the improvements.
o The project recently received State grant funding, which will be combined with additional CRA
funds to complete the daylighting project’s construction documents and develop the RFP for a
consultant to finalize these plans.
SALT LAKE CITY TRANSMITTAL
To:
Community Reinvestment Agency Chair
Salt Lake City Council Chair
Submission Date:
01/27/2026
Date Sent to Council:
01/27/2026
From:
Department *
Community Reinvestment Agency
Employee Name:
Stine, Robyn
E-mail
robyn.stine@slc.gov
Community Reinvestment Agency
Director Signature
Mayor's Office Chief of Staff Signature
Community Reinvestment Agency
Director Signed Date
01/27/2026
Chief of Staff's Signed Date
01/27/2026
Subject:
Folsom Trail Landscaping and Irrigation Project
Additional Staff Contact:
Lauren ParisiDUSTIN WIBERG, Associate Landscape Architect II, Planning & Design Division
Presenters/Staff Table
Document Type
Information Item
Budget Impact?
Yes
No
Recommendation:
Written Briefing
Background/Discussion
Status Update and Summary of ProjectCoordination Efforts between CRA and Public Lands for the City Creek Daylighting Project
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
ERIN MENDENHALL
Mayor Kim Shelley
Director of Public Lands
PUBLIC LANDS DEPARTMENT
1965 WEST 500 SOUTH
SALT LAKE CITY, UT 84104
www.slc.gov/parks/
PHONE 801-972-7800
FAX 801-972-7847
To: Salt Lake City Community Reinvestment Agency Board of Directors
From: Lauren Parisi, CRA Senior Project Manager
Tom Millar, Director, Planning & Design Division, Public Lands Department
Dustin Wiberg, Landscape Architect, Planning & Design Division, Public Lands Department
Re: Folsom Trail Landscaping and Irrigation Project – Status Update and Summary of Project
Coordination Efforts between CRA and Public Lands for the City Creek Daylighting Project
Date: January 23, 2026
_____________________________________________________________________________________
In response to a recent request during the January 13th Community Reinvestment Agency (“CRA”) Board
Meeting, CRA and Public Lands are submitting this short memo to the CRA Board that addresses the
following inquiries:
The status of the Folsom Trail Landscaping and Irrigation Project
How Public Lands and CRA are coordinating efforts for the City Creek Daylighting project.
Status of the Folsom Trail Landscaping and Irrigation Project
Public Lands has been working with Arcadis (design consultants) on the Folsom Trail Landscaping and
Irrigation Project’s construction documents. We are expecting a 90% design review within the next few
months, followed by one final design review, building permits, and bidding this spring. Construction
would start in 2026 and hopefully be substantially complete by the end of the year.
In addition, Public Lands, Sustainability, and Attorney’s Office staff have continued coordination with
DEQ, EPA, and Union Pacific related to trail landscaping and irrigation improvements near the American
Barrel Superfund site at the east end of the Folsom corridor, adjacent to the 500 West right-of-way and
the North Temple viaduct.
Folsom Trail Landscaping and Irrigation Project and Overall Coordination with CRA
Public Lands and CRA staff have continually coordinated the development of the trail (2022) and
landscaping and irrigation (2026) projects since at least 2019 when the Folsom Trail project began and the
idea of a City Creek Daylighting project began to gain momentum.
In 2020, Public Lands, Public Utilities, and the CRA worked together to complete an initial feasibility
study that confirmed the potential for partial daylighting of the water within the Folsom Drain culvert,
now underneath parts of the trail. This effort led to the development of a coordinated design plan and 40%
ERIN MENDENHALL
Mayor Kim Shelley
Director of Public Lands
PUBLIC LANDS DEPARTMENT
1965 WEST 500 SOUTH
SALT LAKE CITY, UT 84104
www.slc.gov/parks/
PHONE 801-972-7800
FAX 801-972-7847
schematic design documents for the possible daylighting and surrounding amenities (and finalized in
2023). Public Lands has incorporated many of the design elements from those 40% design documents and
previous plans into the Folsom Trail Landscaping and Irrigation Project’s construction documents. The
goal is to advance key landscape and hardscape improvements found within the CRA’s plans, activating
and improving safety along the trail today, and ensuring additional daylighting infrastructure can be
constructed in the future without requiring removal or reconstruction of already constructed or currently-
funded improvements.
Public Lands has and will continue to provide coordination opportunities for the Folsom Trail
Landscaping and Irrigation project during future design reviews and construction. These reviews are
important to help ensure compatibility with the CRA’s City Creek Daylighting 40% plans and bring
awareness of future design efforts to daylight the creek.
City Creek Daylighting Project Coordination between CRA and Public Lands
Upon recent receipt of state grant funding and additional CRA funding to complete the daylighting
project’s construction documents, the CRA will continue to collaborate with Public Lands and Public
Utilities to issue an RFP for a consultant to finalize the plans. The CRA anticipates establishing a cross-
departmental design review team to oversee project progress.
CC: Kim Shelley
Tyler Murdock
Tom Millar
Danny Walz
Cara Lindsley
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