HomeMy WebLinkAbout01/21/2026 - Meeting Minutes MINUTES OF THE COMMUNITY REINVESTMENT AGENCY
FINANCE COMMITTEE
Wednesday, January 21, 2026
2:00 p.m.
451 S State Street Room 118 Salt Lake City,Utah 84111
The following Committee Members were present:
Danny Walz- Reinvestment Agency, Tammy Hunsaker, Director of Community and Neighborhoods,
Tony Milner- Housing Stability, Baxter Reecer- Reinvestment Advisory Committee, Amy Rowland-
Reinvestment Advisory Committee, Peter Makowski- Department of Economic Development, Marina Scott —
City Treasurer
The following Committee Members were absent:
Mary Beth Thompson- Chief Financial Officer
Present Agency Leadership:
Cara Lindsley—Deputy Director
Present Agency Staff:
Meghan Fenton- Office Facilitator II
Present City Staff:
Jennifer Huntsman—City Attorney
A. ANNOUNCEMENTS
Staff reported that there were no updates or announcements at this time.
B. BUSINESS ITEMS
1. Recommendation consideration of Phase IV tax increment reimbursement request from NWQ,
LLC
Kristina Harrold, Project Manager, presents the Phase IV tax increment reimbursement request from
Northwest Quadrant (NWQ, LLC) for improvements within the Northwest Quadrant Community
Reinvestment Area, consistent with CRA goals. Under the 2018 interlocal agreement, the city receives
25% and the CRA 75% of tax increment for 20 years (13 remaining). The developer is eligible for up to
70% of the CRA's increment, capped at approximately $1.5 million, payable only after eligible
improvements are completed and increment is generated. Phase IV includes about$6.5 million in eligible
infrastructure improvements and over$63 million in anticipated private investment, creating an estimated
$71 million in new assessed value and 309 jobs. The site currently generates minimal tax revenue but is
projected to generate $2.6—$2.9 million over the remaining term. If recommended, the next step is CRA
Board approval to enter into a TIRA Agreement.
C. DISCUSSION AND COMMENTS
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a. Peter Makowski inquired whether the Phase 4 buildings were built-to-suit or
speculative. Kristina Harrold responded that the submitted application for Phase 4
construction is all groundwork and remediation and referred to the developer for the
use intent is for. Jake Durney, the developer, confirmed the buildings are speculative
with no current tenants and that the TIRA request applies to infrastructure and site work
only, not vertical construction.
b. Marina Scott asked for clarification regarding timing of improvements,reimbursement caps,
and financial projections. Ms. Harrold stated that no improvements have been made yet;
reimbursement is capped at approximately $1.5 million and is paid only after eligible
improvements are completed and sufficient tax increment is generated. Projections were
prepared by an independent consultant, and if the projected increment is not realized, no
reimbursement will be issued. The dashboard supports accountability, program evaluation,
funding allocation, and long-term planning for affordable housing initiatives.
c. Amy Rowland inquired about job creation estimates and methodology. Logan Loftis from LRB,
described that projections are based on square footage and regional employment data. Mr.
Durney noted that existing phases include multiple active industrial and distribution buildings
and that Phase 4 is anticipated to support multi-tenant use.
d. Ms. Rowland inquired about zoning and potential residential use; Baron Gajkowski confirmed
the property is zoned light industrial (M-1) and residential uses are not permitted.
e. Baxter Reecer requested clarification on eligible expenses, specifically vapor barriers and
insulated panels. Ms. Harrold and Mr. Durney confirmed these items are eligible under prior
agreements and are necessary due to soil conditions and environmental mitigation requirements
related to landfill adjacency.
f. In response to a question regarding deviations from prior phases, Ms. Harrold, Mr. Durney, Mr.
Gajkowski, indicated Phase 4 is consistent with previous agreements but smaller in scale. Mr.
Durney anticipates potential future phases tied to additional land acquisitions.
g. Committee members vote to request forwarding a recommendation to the CRA Board of
Directors:
Motion: Committee Member Tammy Hunsaker moves to request forwarding a recommendation
to the CRA Board of Directors
Second: Committee Member, Marina Scott.
Outcome: Motion passed unanimously, (0-7)
D. ADJOURNMENT
There being no further business, the meeting was adjourned.
Minutes Approved:
Danny Walz, Finance Committee Chairperson
This document, along with the digital recording, constitutes the official minutes of the Community Reinvestment
Agency Finance Committee held on Wednesday, January 21, 2026.
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