Council Provided Information - 3/24/2023H O U S I N G & T R A N S I T
R E I N V E S T M E N T Z O N E S
R E D E V E L O P M E N T A G E N C Y O F S A L T L A K E C I T Y B O A R D O F D I R E C T O R S
A P R I L 1 1 , 2 0 2 3
Housing & Transit reinvestment Zone Act - SB 217/140
STATE HTRZ OBJECTIVES STATE HTRZ REQUIREMENTS
Higher utilization of public transit
Increasing availability of housing/affordable housing
Water conservation through efficient land use
Improve air quality by reduced fuel consumption & vehicular trips
Strategic Areas: Encourage transformative mixed-use
development and investment in public transportation & transit
infrastructure
Major Transit Corridor Investment: Strategic land use &
municipal planning
Increase access to employment & educational opportunities
PROMOTE TRANSIT-ORIENTED DEVELOPMENT
(TOD)
BENEFITS OF TOD
Land Use: 51% of developable HTRZ area must
include residential uses
Density: Average of 50 units/acre
10% of housing must be affordable (80% AMI)
Reasonable percentage of units with more than
one bedroom
HTRZ - Funds
CAPTURE RATE:
•Property Tax Increment Participation -
80% Maximum
•Sales Tax Increment Participation -
15% Maximum
•HTRZ Administration Fees -
1% of the HTRZ funds + gap analysis expenses
Income targeted housing costs
Public infrastructure
Property acquisition costs
Enhanced development costs
Horizontal construction costs
Vertical construction costs
Structured parking within the HTRZ
HTRZ Administration, including the State's
ELIGIBLE USES:
gap analysis
Promote community reinvestment more
broadly
Project area boundaries determined by
redevelopment agency
Specific development goals
Subject to individual taxing entity review
Participation rate set by each taxing entity
Promote specific housing and transit
objectives
Project area boundaries centered around
specific transit stops with max. acreage
Specific development plans
Subject to Governor's Office of Economic
Opportunity committee review
Participation rate up to 80%
HTRZ CRA
Amends provisions related to the objectives and required characteristics of an HTRZ
Restricts how much land a proponent county may own within a HTRZ
Requires an HTRZ proposal to include certain maps of the proposed area
Requires the Governor’s Office of Economic Opportunity (“GOEO”) to provide notice to relevant
entities after receiving a HTRZ proposal
Requires the State Tax Commission to provide feedback to a housing and transit reinvestment
zone regarding their ability to administer the tax implications of the proposal
Amends the membership of the HTRZ committee
During the 2023 Legislative Session, Senate Bill 84 was adopted that amends the HTRZ Act as
follows:
2023 Legislative Update
Potential HTRZ locations
Intermodal Hub
650 S. Main
900 S. 200 West
Ballpark
S-Line
TRANSIT STOPS:
900 South & 200 West
Fleet Block
Grand Boulevards
Green Loop
TRAX Extension
Public Infrastructure
Improvements
N E XT S TE P S
Submit 900 South and 200 West proposal to
the State
Update tax increment policy
HTRZ implementation and review of TIRA
requests