HomeMy WebLinkAboutProposed Resolution - 3/3/20251
COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. ___________
Pickle & Hide Tax Increment Reimbursement Agreement
RESOLUTION OF THE BOARD OF DIRECTORS OF THE COMMUNITY REINVESTMENT
AGENCY OF SALT LAKE CITY APPROVING A TAX INCREMENT REIMBURSEMENT
AGREEMENT WITH MOUNTAIN WEST DEVELOPMENT, LLC FOR ITS PICKLE AND
HIDE DEVELOPMENT
WHEREAS, the Utah Housing and Transit Reinvestment Zone Act (HTRZ Act) was
enacted to further a number of objectives including promoting a higher utilization of public transit
and increasing the availability of housing including affordable housing.
WHEREAS, on November 8, 2023, and pursuant to Utah Code Section 63N-3-605, the
state’s Housing and Transit Reinvestment Zone Committee conditionally approved the CRA’s 900
South Housing Transit Reinvestment Zone (Project Area).
WHEREAS, pursuant to the Act, the Salt Lake City Community Reinvestment Agency
(CRA) administers the tax increment, including entering into reimbursement agreements (also
known as tax increment reimbursement agreements) with project developers or property owners
associated with an HTRZ Committee approved Housing and Transit Reinvestment Zone (HTRZ)
for the purpose of utilizing the funds as allowed by the HTRZ Act.
WHEREAS, pursuant to CRA Resolution No. R-16-2023, the CRA has established a tax
increment reimbursement policy for Housing and Transit Reinvestment Areas (TI Policy) that sets
forth the policies and procedures for entering into an Agreement with developers.
WHEREAS, Mountain West Development, LLC (Developer) intends to develop land at
approximately 800 South and 400 West within the Project Area (Property) and more particularly
described in Exhibit B, with a mixed-use affordable housing development known as Pickle & Hide
which incorporates affordable housing and adaptive reuse of historic buildings.
WHEREAS, Developer submitted an application for tax increment reimbursement for its
Picke & Hide project which CRA staff determined meets the TI Policy’s threshold requirements.
WHEREAS, on February 12, 2025, the CRA Finance Committee evaluated Developer’s
application materials and other documentation, and based on that evaluation, recommended to the
Board that the Board approve a reimbursement of HTRZ increment from the Property to Developer
in the maximum amount of $6,094,254.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY, that the term sheet
for the tax increment reimbursement between the CRA and Developer which is attached hereto
as Exhibit A is hereby approved.
2
The Board hereby authorizes the Executive Director to negotiate and execute a tax increment
reimbursement agreement with Developer pursuant to the terms of the attached term sheet. The
documents shall also incorporate such other terms as recommended by the Salt Lake City
Attorney’s Office.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency, this
_______ day of March 2025.
________________________________
Darin Mano, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Jennifer Huntsman
Date:____________________________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
2/28/2025
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EXHIBIT A
Mountain West Development, LLC Tax Increment Reimbursement Agreement
TERM SHEET
Parties: Mountain West Development, LLC (“Developer”) and the Community Reinvestment
Agency of Salt Lake City (“CRA”)
Scope: The Pickle and Hide development is a mixed-use project located in the CRA’s 900 South
HTRZ to be constructed in two phases located at approximately 739 S. 400 West. Phase I
includes the renovation of the Bissinger Co. Hides building, including the preservation of its
front façade and a portion of its side walls for a total of 40% of the exterior, to accommodate
5,500 square feet of commercial space and a multifamily addition to the rear. The residential
addition will include 141 units, 28 of which are affordable at 60% of the area median income
(AMI) and below and 26 of which are affordable at 80% AMI. Phase II includes the renovation
of the Utah Pickle Co. building to accommodate 17,000 square feet of commercial space as well
as the renovation of the existing building known as Ed’s Restaurant located at 345 W. 700 South
for additional commercial space.
Each of the buildings include an activated ground floor use where at least 50% of the ground
floor, street- facing building facades contain an active use not exclusive to building tenants. The
Developer has provided sufficient evidence that tax increment is necessary for the project to
succeed to subsize a portion of revenue loss from affordable rental rates and increased buildings
costs associated with adaptive reuse projects.
Property: Developer desires to carry out development activities on three existing parcels
including P.I.N.s: 15-12-130-037, 15-12-130-034, and 15-12-130-03. Legal descriptions to be
included within final agreement.
CRA Participation:
The CRA will agree to reimburse the Developer 90% of the annual tax increment (“TI”) the
CRA is entitled to receive from the taxing entities, subject to the terms of the Reimbursement
Agreement, for a term of 15 years or the sum of the remaining collection years of the Housing
and Transit Reinvestment Zone, whichever is less.
To obtain this 90% reimbursement, the project has included three additional public benefits above
and beyond the CRA HTRZ Tax Increment Reimbursement policy’s thresholds, each worth an
additional 10% reimbursement including:
1) Adaptive Reuse
2) Walkability
3) Neighborhood Commercial and Services (FY25 annual housing funding priority)
Maximum Reimbursement
The maximum amount available for reimbursement shall be $6,094,254 (“Maximum
Reimbursement”). The annual TI Payment may be lower or higher than the projected amount
based on actual increment generated from the Property, provided, however, the maximum total
amount of the Reimbursement shall not exceed the Maximum Reimbursement.
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CRA Policy Waivers
1. Section 2.c.i. of the CRA’s HTRZ Tax Increment Reimbursement Program Policy that
requires a deed restriction be recorded against the property to ensure housing
affordability for a minimum term of 30 years may be waived and reduced to a minimum
term of 15 years.
2. Section 3.a.b. of the CRA’s Sustainable Development Policy that requires emission-free
building operation for all adaptive reuse projects receiving over $900,000 in CRA
funding may be waived for the designated restaurant spaces in Phase I and Phase II of
the project to accommodate gas stovetops. The rest of the project must comply with the
policy and operate without on-site fossil fuel combustion.
3. Section 4.a.ii. of the CRA’s Sustainable Development Policy that requires projects to achieve
“on-site net zero” operation may be waived; however, the project must achieve “off-site
net zero” standards in this requirement’s place at the level described as part of the
conditions of approval.
Conditions for Agreement Execution:
1. CRA approves all terms of the agreement.
2. Developer must submit a Statement of Energy Design Intent for both the “Pickle”
and “Ed’s Restaurant” buildings achieving a score of 90 or higher.
3. Developer must participate in Rocky Mountain Blue Sky renewable energy program at a
level to cover energy needs for the commercial space, common areas, and parking garage
a part of Phase I of the project for a minimum contribution of $350 a month.
4. Developer must submit a copy of the executed easement granting public access to the
midblock walkway between the Pickle and Hide building.
5. Developer obtains all required City approvals.
6. Developer and CRA execute legal documents as deemed necessary by the CRA and
its legal counsel.
7. Developer receives approval from the CRA and its legal counsel of all matters pertaining
to title, legality of the request, and the legality, sufficiency, and the form and substance of
all documents that are deemed reasonably necessary for the transaction.
8. Such other terms as recommended by the CRA’s legal counsel and staff.
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EXHIBIT B
Pickle & Hide Development – Legal Description
PARCEL 1:
A PARCEL OF LAND LOCATED IN LOT 6, BLOCK 12, PLAT A, SALT LAKE CITY SURVEY, SAID
PARCEL BEING DESCRIBED MORE PARTICULARLY AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 6, AND RUNNING THENCE NORTH
89°56'38" EAST 121.00 FEET ALONG THE NORTH LINE OF SAID LOT 6; THENCE SOUTH 0°01'22"
EAST 212.00 FEET; THENCE SOUTH 89°58'39" WEST 121.01 FEET TO A POINT ON THE WEST LINE
OF SAID LOT 6; THENCE NORTH 0°01'09" WEST 211.93 FEET ALONG SAID WEST LINE TO THE
POINT OF BEGINNING.
PARCEL 2:
A PARCEL OF LAND LOCATED IN LOTS 4, 5 & 6, BLOCK 12, PLAT A, SALT LAKE CITY SURVEY,
SAID PARCEL BEING DESCRIBED MORE PARTICULARLY AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 4, SAID POINT ALSO BEING THE
SOUTHWEST CORNER OF SAID LOT 5, AND RUNNING THENCE SOUTH 89°56'39" WEST 5.42 FEET
ALONG THE WEST EXTENSION OF THE COMMON LINE OF SAID LOTS 4 AND 5 TO THE EAST
RIGHT OF WAY LINE OF 400 WEST STREET; THENCE NORTH 0°00'58" WEST 147.30 FEET ALONG
SAID RIGHT OF WAY LINE; THENCE NORTH 89°54'38" EAST 170.43 FEET TO A POINT ON THE
EAST LINE OF SAID LOT 5, SAID POINT BEING SOUTH 0°01'09" EAST 185.22 FEET ALONG SAID
EAST LINE FROM THE NORTHEAST CORNER OF SAID LOT 5; THENCE SOUTH 0°01'09" EAST
29.21 FEET ALONG THE EAST LINE OF SAID LOT 5; THENCE NORTH 89°58'39" EAST 121.01 FEET;
THENCE NORTH 89°56'38" EAST 44.00 FEET TO A POINT ON THE EAST LINE OF SAID LOT 6, SAID
POINT BEING SOUTH 0°01'21'' EAST 212.00 FEET ALONG SAID EAST LINE FROM THE
NORTHEAST CORNER OF SAID LOT 6; THENCE SOUTH 0°01'21" EAST 118.11 FEET ALONG SAID
EAST LINE TO THE SOUTHEAST CORNER THEREOF; THENCE SOUTH 89°56'39" WEST 190.31
FEET ALONG THE COMMON LOT LINES OF SAID LOTS 4, 5 & 6; THENCE SOUTH 0°00'05" WEST
30.11 FEET; THENCE NORTH 76°31'25" WEST 67.50 FEET; THENCE SOUTH 80°00'58" WEST 75.23
FEET TO A POINT ON THE WEST LINE OF SAID LOT 4; THENCE NORTH 0°00'58" WEST 27.29
FEET ALONG SAID WEST LINE TO THE POINT OF BEGINNING.
PARCEL 3:
A PARCEL OF LAND LOCATED IN LOTS 3 & 4, BLOCK 12, PLAT A, SALT LAKE CITY SURVEY,
SAID PARCEL BEING DESCRIBED MORE PARTICULARLY AS FOLLOWS:
BEGINNING AT A POINT ON THE WEST LINE OF SAID LOT 4, SAID POINT BEING SOUTH 0°00'58"
EAST 27.29 FEET ALONG SAID WEST LINE FROM THE NORTHWEST CORNER OF SAID LOT 4,
AND RUNNING THENCE NORTH 80°00'58" EAST 75.23 FEET; THENCE SOUTH 76°31'25" EAST
67.50 FEET; THENCE NORTH 0°00'05'' EAST 30.11 FEET TO A POINT ON THE NORTH LINE OF
SAID LOT 4; THENCE NORTH 89°56'39'' EAST 107.80 FEET ALONG THE NORTH LINE OF SAID
LOTS 3 & 4; THENCE SOUTH 0°01'15" EAST 165.06 FEET; THENCE SOUTH 89°56'40" WEST 247.54
FEET TO A POINT ON SAID WEST LINE OF LOT 4; THENCE NORTH 0°00'58" WEST 137.76 FEET
ALONG SAID WEST LINE TO THE POINT OF BEGINNING.
ATTACHMENT B:
CRA HOUSING AND TRANSIT REINVESTMENT ZONE (HTRZ) POLICY ALIGNMENT
PICKLE AND HIDE
COMMUNITY REINVESTMENT AGENCY OF SALT LAKE CITY
HOUSING AND TRANSIT REINVESTMENT ZONE TAX INCREMENT REIMBURSEMENT
PROGRAM POLICY
2.0 Requirements and Structure
SECTION DESCRIPTION PICKLE AND HIDE APPLICABILITY
a. Threshold requirements of projects that incorporate housing:
i. Projects must meet all applicable
standards and objectives of the HTRZ
Act and the approved HTRZ (per the
State’s condition of approval, the 900
South HTRZ requires 20% of housing
units be affordable to 60% the Area
Median Income -AMI- and below).
Yes, 20% of 28 of the 141 residential units will be
affordable at 60% AMI and 18% or 26 of the units
will also be affordable at 80% AMI.
ii. At least 10% of housing units within a
project must be affordable to those
earning 60% the AMI and below, or,
20% of units must be affordable to
those earning 80% AMI and below.
Yes, 20% of 28 of the 141 residential units will be
affordable at 60% AMI and 18% or 26 of the units
will also be affordable at 80% AMI.
iii. Projects must include activated,
ground floor space if not a private
residence. Activated, ground floor
space means a minimum of 50% of all
ground floor, street-facing building
facades must contain an active
(commercial, retail, or office) use that
is not exclusive to the tenants of the
building.
Yes, the ground floor of the Hide building includes a
lobby and commercial uses, the Pickle building
includes commercial uses, and Ed’s Restaurant will
be a commercial use. There is also a midblock
walkway between the Pickle and Hide building open
to the public and activated with outdoor dining.
iv. Projects must comply with the RDA’s
Sustainable Development Policy
including:
•ENERGY STAR score of 90+
•All-electric buildings
•On-site solar, OR,
participation in Rocky
Mountain Blue Sky
A waiver from the sustainable development policy is
being requested including:
1.Utilizing natural gas for restaurant spaces in
the Pickle and Hide buildings.
2.Installing on-site solar and participating in
Rocky Mountain Blue Sky.
Staff recommends the condition of approval that the
developer participates in Rocky Mountain Blue Sky
at a level to cover energy needs for the commercial
space, common areas, and parking garage and that a
Statement of Energy Design Intent with a score of at
least 90 is submitted for the Pickle building and Ed’s
Restaurant.
v. The applicant must provide sufficient
evidence (including, but not limited to
the project pro forma, senior lender
agreement(s), equity investor
agreements, etc.) that tax increment
funding is necessary for the project to
succeed and to verify that the request
is reasonable.
The Developer has described a funding gap of over
$10 million due to the lower rental revenue from
affordable housing units and increased construction
costs to preserve portions of the Pickle and Hide
buildings. They state: “the HTRZ credits are a
requirement for both the Senior Loan and Preferred
Equity as well as being essential to achieve the
cashflow necessary to support the conservative
leverage from the Senior Loan and the alternative
financing (Preferred Equity). Without the full 90%
HTRZ credits, the project would not be able to move
forward with the necessary Senior Loan ($45M) and
Preferred Equity ($10.3M). In order to meet the
Preferred Equity return hurdles, Blaser Ventures is
[deferring]~50% of its development fee on top of the
cash flow that is coming from the property and
HTRZ credits.”
c. Affordable housing requirements
i. Deed Restriction – If the project
qualifies for a Reimbursement based
on the incorporation of housing, prior
to executing an Agreement, a
restriction shall be recorded against
the property that requires continued
use of the specified units as affordable
housing for at least 30 years.
A waiver is being requested to reduce the deed
restriction’s affordability period from 30 to 15 years.
ii. Bedroom Count Mix – The
affordable units shall be located on
different floors of the building and
spread among bedroom counts (1-
bedroom, 2-bedroom, 3-bedroom,
etc.) in the same proportion as the
units available within the rest of the
project.
Yes, the applicant has submitted floor plans
illustrating a mix of unit sizes and confirmed that
affordable units will not be clustered in one location.
The bedroom count mix is as follows:
Affordable Units: 28 (20%) at 60% AMI
•Efficiency/Studio Units: 4 (11%)
•1 Bedrooms: 19 (70%)
•2 Bedrooms: 5 (18%)
Affordable Units: 26 (18%) averaging 80% AMI
•Efficiency/Studio Units: 3 (11%)
•1 Bedrooms: 18 (70%)
•2 Bedrooms: 5 (18%)
Market Rate Units: 87 (62%)
•Efficiency/Studio Units: 9 (11%)
•1 Bedrooms: 62 (70%)
•2 Bedrooms: 16 (18%)
d. Eligible Project Locations –
Eligible projects shall be located in or
associated with an active HTRZ that
Yes, the project is located in the 900 South HTRZ.
allows tax increment reimbursements
pursuant to the HTRZ Act.
e. Maximum Reimbursement Term –
The Reimbursement term will be
negotiated based upon a project’ s
level of public
benefits and demonstrated financial
need and shall be consistent with the
HTRZ Act.
The reimbursement term is 15 years beginning in
2026.
f. Maximum Reimbursement Rate –
Base level = 60%
Projects may be eligible to receive an
additional 10% increase in the
reimbursement rate for meeting
elements listed below, with each
element being worth an additional
10%. The possible total
maximum reimbursement rate is 90%.
1. Incorporating Qualifying
Livability Benchmarks in the
project beyond the Threshold
Requirements.
2. Providing an additional 10%
of total affordable units at
60% AMI and below beyond
the Threshold Requirements.
3. The inclusion of 3- and 4-
bedroom units in projects that
incorporate housing.
4. Meeting a priority identified in
the CDA’s Annual Housing
Funding Strategy established
pursuant to the Housing
Allocation Funds Policy.
In addition to meeting the threshold requirements to
achieve the base level reimbursement of 60%, the
project also meets the three following requirements
to achieve a 90% reimbursement rate.
1. Building preservation, rehabilitation, or
adaptive reuse livability benchmark that
requires the preservation, rehabilitation, or
repurposing an existing structure for a land
use that contributes positively to the
surrounding neighborhood.
2. Walkability livability benchmark that
requires the project improves the vibrancy,
safety, and/or comfort of the pedestrian
experience by providing at least two of the
following:
• New, publicly-accessible pedestrian
connections;
• Significant improvements to an
existing sidewalk or walkway such
as pedestrian-scaled lighting, seating,
landscaping and shade; or,
• Significant street level building
transparency and activity
3. Annual housing funding strategy priority –
the project meets the FY25 priority of
“neighborhood and commercial services”
described as promoting an array of
commercial spaces that support the
neighborhoods, such as daycares,
restaurants, and retail spaces, which this
development includes.
g. Maximum Reimbursement Amount
The maximum reimbursement amount
will be negotiated based upon a
project’s eligible costs, level of public
benefits, and demonstrated financial
The maximum reimbursement amount is $6,094,254.
need, and shall be consistent with the
HTRZ and HTRZ Act.
State of Utah - Housing and Transit Reinvestment Zone Act
63N-3-603. Applicability, requirements, and limitations on a housing and transit reinvestment zone.
SECTION DESCRIPTION PICKLE AND HIDE APPLICABILITY
(2)(a)In order to accomplish the objectives described in Subsection (1), a municipality or public
transit county that initiates the process to create a housing and transit reinvestment zone as
described in this part shall ensure that the proposal for a housing and transit reinvestment zone
includes:
i.(A) Up to 9% of the proposed dwelling
units occupied or reserved for
occupancy by households with a gross
household income equal to or less
than 80% of the median gross income
of the applicable municipal or county
statistical area for households of the
same size.
18% or 26 of the units will also be affordable at 80%
AMI.
i.(B) At least 3% of the proposed dwelling
units occupied or reserved for
occupancy by households with a gross
household income equal to or less
than 60% of the median gross income
of the applicable municipal or county
statistical area for households of the
same size.
20% of 28 of the 141 residential units will be
affordable at 60% AMI.
ii.(A) At least 51% of the developable area
within a housing and transit
reinvestment zone as residential uses.
Yes, more than half of the project’s square footage
or approximately 228,000 square feet is dedicated to
residential use.
ii.(B) An average of at least 50 dwelling
units per acre within the acreage of the
housing and transit reinvestment zone
dedicated to residential uses.
Yes, the project achieves a residential density of 56.4
units per acre.
iii. Mixed-use development. Yes, this is a mixed-use project with residential,
retail and restaurant space.
iv. A mix of dwelling units to ensure that
a reasonable percentage of the
dwelling units has more than one
bedroom.
Yes, this project includes a mix of studios, 1-
bedroom and 2-bedroom units, 18% being 2-
bedroom units.
ATTACHMENT C:
ATTACHMENT D:
Tax Increment Budget
Jan-25 Jan-26 Jan-27 Jan-28 Jan-29 Jan-30 Jan-31 Jan-32 Jan-33 Jan-34 Jan-35 Jan-36 Jan-37 Jan-38 Jan-39 Jan-40 Jan-41
2025 2026 2027 2028 2029 2,030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
YEAR 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Taxable Value - - 56,095,985 56,656,945 57,223,514 57,795,749 58,373,707 58,957,444 59,547,018 60,142,488 60,743,913 61,351,352 61,964,866 62,584,514 63,210,360 63,842,463 64,480,888
Taxes - - 566,305 571,968 577,688 583,465 589,299 595,192 601,144 607,156 613,227 619,360 625,553 631,809 638,127 644,508 650,953
2022 Taxable Value - - 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700 1,997,700
2022 Taxes - - 20,167 20,167 20,167 20,167 20,167 20,167 20,167 20,167 20,167 20,167 20,167 20,167 20,167 20,167 20,167
Increment before Fees - - 546,138 551,801 557,521 563,297 569,132 575,025 580,977 586,988 593,060 599,192 605,386 611,641 617,960 624,341 630,786
Less Tax Collection Loss - - 10,923 11,036 11,150 11,266 11,383 11,501 11,620 11,740 11,861 11,984 12,108 12,233 12,359 12,487 12,616
CRA Increment (after 80% reduction) - - 428,172 432,612 437,096 441,625 446,200 450,820 455,486 460,199 464,959 469,767 474,623 479,527 484,480 489,483 494,536
less Admin Fee - - 8,563 8,652 8,742 8,833 8,924 9,016 9,110 9,204 9,299 9,395 9,492 9,591 9,690 9,790 9,891
Total Increment - - 419,609 423,960 428,354 432,793 437,276 441,803 446,376 450,995 455,660 460,371 465,130 469,936 474,791 479,694 484,645
Increment Net of Coverage - - 419,609 423,960 428,354 432,793 437,276 441,803 446,376 450,995 455,660 460,371 465,130 469,936 474,791 479,694 484,645
% Funds to Project (Annual CF) - - 377,648 381,564 385,519 389,513 393,548 397,623 401,739 405,896 410,094 414,334 418,617 422,943 427,312 431,724 436,181
Bond Admin Fee - - - - 27,061 27,602 28,154 28,717 29,291 29,877 30,475 31,084 31,706 32,340 32,987 33,647 34,320
Trustee Fee - - - - 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
TOTAL PROCEEDS IF BONDED - - 377,648 381,564 354,458 357,911 361,394 364,906 368,447 372,018 375,619 379,250 382,911 386,603 390,325 394,077 397,861
- - 75,530 76,313 77,104 77,903 78,710 79,525 80,348 81,179 82,019 82,867 83,723 84,589 85,462 86,345 87,236
ATTACHMENT E:
i
Salt Lake City Community Redevelopment Agency
Danny Walz
451 S State St
Salt Lake City, UT 84111
January 31, 2025
Dear Danny,
We are pleased to submit our application for the Housing and Transit Reinvestment Zone
(HTRZ) tax incentive program, a vital component to realizing our vision for a transformative
mixed-use development in the Granary District. This project aligns closely with the goals of both
the City/CRA and the legislature to foster dense, mixed-use, walkable, sustainable, and
community-focused development adjacent to the most transit-rich site in Utah. It further
supports strategic planning initiatives by creating substantial housing opportunities, activating
the area with vibrant commercial uses, and preserving its unique character through adaptive
reuse of historic structures.
To ensure the feasibility of the Pickle & Hide project and its contributions to the Granary
District’s revitalization, we respectfully request the following considerations:
1.Full 90% HTRZ Tax Incentive: The project’s ambitious scope and commitment to public
benefits such as historic preservation, activated public spaces, and affordable housing
require significant financial support. The full allocation of the HTRZ tax incentive is
essential to bridge the funding gap and ensure this development can move forward.
2.Waiver of the CRA's Net Zero Sustainability Requirement: We are deeply committed to
sustainability and have incorporated a comprehensive set of measures to minimize the
project’s environmental impact, including:
Adaptive reuse of historic structures, preserving embodied carbon and reducing
construction waste.
All-electric residential design, eliminating fossil fuel reliance for heating, cooling,
and appliances.
High energy performance, with the project achieving an ENERGY STAR score of
92 for new construction.
Efficient design that maximizes energy conservation through passive strategies,
including optimized building orientation, natural daylighting, and enhanced
ii
insulation.
Low-carbon materials that reduce embodied carbon and promote sustainable
construction practices.
Walkability and transit-oriented development, reducing car dependence and
encouraging sustainable mobility choices.
While these strategies significantly reduce the project's carbon footprint, achieving full
net zero is not feasible due to the site’s constraints—specifically, the inability to
generate sufficient energy on-site and the financial burden of purchasing off-site
credits. However, by prioritizing electrification, efficiency, and sustainable materials, we
are taking meaningful steps toward a low-carbon, high-performance development that
aligns with the City's broader climate goals.
3.While we strongly support sustainability principles, the unique site conditions make
achieving net zero infeasible due to the inability to generate enough energy on-site and
the financial burden of purchasing off-site credits. However, we are committed to
incorporating high-performance materials, energy-efficient design, electrification of the
site and adaptive reuse strategies that significantly reduce the project's environmental
impact.
4.15-Year Deed Restriction for Affordable Units: To match the tax incentive program's
duration, we propose a 15-year deed restriction on the 20% affordable units at 60%
AMI. This ensures long-term affordability while maintaining financial feasibility for the
project. We want to note that this affordability is being created with the HTRZ as the
only subsidy option. No tax credits or other subsidies are being utilized to create these
units.
The Pickle & Hide project exemplifies the vision of the HTRZ program and the Granary District
Area Plan by promoting housing opportunities, activating the neighborhood with a vibrant
commercial mix, and supporting transit-oriented growth. Approximately 60% of the
development’s land area is dedicated to housing, with nearly 40% of units as affordable,
complemented by public spaces, retail, and adaptive reuse of historical structures.
We are dedicated to working collaboratively with the CRA and Salt Lake City to establish a
framework for this program that not only supports this project but also serves as a model for
future developments in the Granary District. By working together, we can advance the area's
transformation into a walkable, sustainable, and inclusive community that fully embraces the
multitude of transportation options available in this area.
iii
Confidentiality Notice:
Pursuant to Utah Code Ann. §§ 63G-2-305 and in accordance with Utah Code Ann. §§ 63G-2-
309, the undersigned asserts a claim of business confidentiality to protect the information
presented in Attachments 1–3 as proprietary. The following reasons support this claim for
business confidentiality:
•Reason A: The information contains trade secrets as defined in Utah Code Ann. §§ 63G-
2-305(1).
•Reason B: The information includes commercial or non-individual financial data as
defined in Utah Code Ann. §§ 63G-2-305(2) and (4).
Thank you for your consideration. We look forward to discussing this proposal further and are
happy to provide additional information as needed.
Sincerely,
Brandon Blaser
Founder & President
Blaser Ventures
386 W 500 S, Suite 100
Salt Lake City, UT 84101
t. 214.235.8778
brandon@blaser-ventures.com
1
RDA TIR/HTRZ Application
Pickle and Hide (Phase I & II)
I.PROJECT SUMMARY
PARCEL NUMBERS:
15-12-130-037-0000 (Hide Apartments, 737 S 400 W)
15-12-130-034-0000 (Pickle Building, 741 S 400 W)
15-12-130-027-0000 (Ed’s Place, 345 W 700 S)
DATE: January 7, 2025
TOTAL PROJECT COST: Approx. $90,017,722 Phase I: $77,258,605, Phase II: $12,759,117
ESTIMATED FINANCIAL GAP: $6.1M of cash flow support over a 15-year term from HTRZ
credits. The capital stack consists of $35M of Common Equity, $45M Senior Loan, $10.3M of
Preferred Equity. The Senior Loan and Preferred Equity is contingent on the full requested
HTRZ credits and the cash flow that this would bring to the project annually. Without these
credits, Blaser Ventures would not be able to fill the capital stack and move forward with
the project.
TIMELINE - PROPOSED PROJECT START/END DATE:
Phase I - February 2024/June 2026, Phase II – May 2025/June 2026
PROJECT ADDRESSES: 737, 739 & 741 S 400 W, 345 W 700 S, Salt Lake City, UT 84101
CONTACT: Brandon Blaser, brandon@blaser-ventures.com, (214) 235-8778
II.APPLICANT SUMMARY
APPLICANT & OWNERSHIP:
Mountain West Development LLC
386 West 500 South, Suite 100
Salt Lake City, UT 84101
Tax ID 35-2677318
III.DEVELOPMENT OVERVIEW
PROJECT SUMMARY:
Pickle & Hide is a new Granary District development that will be constructed in two phases.
Phase I will include the new construction of 141 multifamily units, 5,500 square feet of
ground floor retail, and a 3-story parking structure with 164 stalls. Phase I will also feature
the renovation and preservation of 100% of the front façade and 40% of the exterior of the
historical Bissinger Co. Hides (“Hide”) building, which will serve as the entry point for the
multifamily and retail. In Phase II of the project, the historical Utah Pickle Co. (“Pickle”)
building will undergo an adaptive reuse renovation, restoration and replication and will be
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repurposed as approximately 14,500 square feet of retail/commercial space. The Project
will transform an area that has historically been the industrial/manufacturing hub of Salt
Lake City into a dynamic mixed-use, mixed-income, adaptive reuse development
interconnected with pedestrian-oriented walkways and public spaces. Ed’s Place, a ~2,500-
square-foot beloved former restaurant on 700 S will also be part of the project’s adaptive
reuse. The one-story brick structure will be restored to its original façade, abandoning the
deteriorating, orange-shingled overhang and Italian flag striped canopy.
CONSTRUCTION TYPE:
Renovation/Rehabilitation of Existing Structures, Energy-Efficient Upgrades, New
Construction, Select Demolition of Existing Structures.
LAND AREA: 2.55 acres
BUILDING AREA: Approx. 228,000 square feet, including 141 Mixed-Income Units, parking,
amenities, 5,500 square feet Retail (Phase I) and approx. 17,000 square feet Adaptive Reuse
Commercial/Retail (Phase II)
LAND USE MIX:
20% of the residential units will be affordable at 60% AMI per threshold requirement with
an additional 18% averaging 80% AMI. The affordable units will be dispersed throughout
the building and mirror the unit mix of the market rate apartments.
Hide Apartments:
• 141 Mixed Income Residential Units
o Affordable Units: 28 (20%) at 60% AMI
§Efficiency/Studio Units: 4 (11%)
§1 Bedrooms: 19 (70%)
§2 Bedrooms: 5 (18%)
o Affordable Units: 26 (18%) averaging 80% AMI
§Efficiency/Studio Units: 3 (11%)
§1 Bedrooms: 18 (70%)
§2 Bedrooms: 5 (18%)
o Market Rate Units: 87 (62%)
§Efficiency/Studio Units: 9 (11%)
§1 Bedrooms: 62 (70%)
§2 Bedrooms: 16 (18%)
•5,500 square feet Retail/Food & Beverage
• 164 Parking Stalls (structured)
Pickle Building (Adaptive Reuse)
•14,500 square feet Commercial, Retail/Food & Beverage
• 12 Parking Stalls (surface)
Ed’s Place (Adaptive Reuse)
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• 2,500 square feet Commercial
• 60 Parking Stalls (surface)
Public and Open Space
• Public: ~30,000 square feet – 22,000 square feet midblock connectivity and
programmable outdoor space, 4,500 square feet for Pickle frontage, 2,500 square
feet for Ed’s sidewalk, 500 square feet Hide 400 W frontage
• Retail Patio Outdoor Space: ~4,500 square feet
CURRENT AND PROPOSED ZONING: General Commercial, no proposed zone change
IV. ELIGIBILITY
PROJECT LOCATION: Granary District, 900 South HTRZ
V. PROJECT OBJECTIVES
1. ALIGNMENT WITH MOST RECENT PROJECT AREA PLAN (Granary District Area Plan
Vision and Goals):
Alignment with Granary District Area Plan Vision and Goals
Vision: To improve mobility and circulation for the Granary District by responding to
development patterns, existing and future transit service, walking and biking connectivity,
and public right-of-way opportunities.
Goal 1: Foster Inclusive and Welcoming Community Connections
● Community-Centric Public Spaces: The project has a recorded public
midblock walkway easement, promoting outdoor public spaces that
encourage social interaction and enhance neighborhood identity for all ages
and abilities. This area will facilitate pedestrian connections from 400 W to
700 S as well as to Kilby Court and include approximately 20,000 square feet
of accessible retail and restaurant space.
Goal 2: Identify Gaps and Barriers for People Moving to and through the district
● Enhanced Walkability: By adhering to the city’s midblock walkway directive,
the design prioritizes accessibility and walkability, creating an inviting
environment that encourages residents to engage with their surroundings
and each other.
Goal 3: Define Transportation Opportunities
● Support for Alternative Transportation: Streetscape enhancements,
integrated midblock connectivity, secure bike parking, and real-time transit
screens encourage walking, biking, and the use of alternative transit modes.
With proximity to the Red, Blue and Green Lines, as well as the future UTA
TRAX extension along 400 W, the project strengthens local and regional
transit access.
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● Integration with City and UTA Initiatives: The project is uniquely positioned
within a network of transformative city and transit initiatives. The Green
Loop project along 500 W, the Grand Boulevards initiative along 500 S and
400 S, and the new TRAX line on 400 W create a multi-modal, transit-rich
environment that enhances connectivity and makes Pickle & Hide a pivotal
component of the district’s infrastructure.
Goal 4: Develop a Blueprint for Collaborative Implementation
● Building Preservation and Adaptive Reuse: Phase I includes the renovation
of the historical 1919 Bissinger & Co. Hides building, preserving 100% of its
front façade and 40% of the brick exterior. Phase II will renovate, restore and
replicate the 1894 Utah Pickle Co. building into 14,500 square feet of retail
space. The restoration plan includes preserving a significant portion of the
front façade, extensive reuse of the original bricks for both the exterior and
interior, repurposing the sandstone foundation, and replicating the building's
original footprint. This adaptive reuse of the district’s first industrial building
constructed in 1894 by former LDS Church President Heber J. Grant. The
building has served many roles over its 130-year history—from a soap factory
to a pickle and condiment plant, and most recently, an arts and event space.
The Pickle building will now be transformed into 14,500 square feet of retail
and commercial space, maintaining its industrial charm. The original “Utah
Pickle and Co.” signage has been carefully preserved and will be refurbished
to once again adorn the structure, honoring its storied past.
Goal 5: Engage Businesses and Residents about Needs and Opportunities
● Public Art and Local Engagement: The project will showcase rotating art
exhibits in the multifamily lobby. Additional opportunities exist in
programming the public walkways and open spaces. These initiatives will
engage the community, foster cultural authenticity, and attract visitors,
enhancing the area's vibrancy.
● Comprehensive Safety Strategies: By integrating neighborhood activation,
thoughtful public space design, and improved connectivity, the project aims
to create a safer community. Increased foot traffic, active engagement, and
well-designed environments will contribute to a resilient and secure
atmosphere, ensuring residents feel safe and connected.
2. TIR THRESHOLD REQUIREMENTS:
● Affordable Housing Requirement of 20% of units averaging 60% AMI (900 S
HTRZ): See Section III. DEVELOPMENT OVERVIEW - Land Use Mix – shows the
development includes 28 units (20%) averaging 60% AMI and 26 units (18%)
averaging 80% AMI.
● Minimum Investment of $12 million in capital expenditures: The total
project cost for Phase I and Phase II is $90,017,722
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● Salt Lake City-based Business: Mountain West Development LLC is a Salt
Lake City based business located at 386 West 500 South, Suite 100, Salt Lake
City, UT 84101, the tax ID number is 35-2677318. The project is being led by
Blaser Ventures the sponsor and developer of the project, a Salt Lake City
based, community-focused development company.
● Facility Improvement or Expansion:
See Section VI. PUBLIC BENEFIT - Neighborhood Safety, Public Space/Public
Art, Walkability, Historic Preservation
● Job Retention and/or Job Creation:
See Section VI. PUBLIC BENEFIT - Permanent Job Creation
● Demonstrate TIR is Necessary for Project to Succeed
See Attachments: Term Sheet(s) and Sources and Uses
● Employ Sustainable Construction Practices:
See Section V. PROJECT OBJECTIVE5, 5. Project’s Sustainability
3. STATE HTRZ ACT REQUIREMENTS
The information provided in this application demonstrates the project adheres to
the central objectives of SB217 Housing and Transit Reinvestment Zone Act and
subsequent amendments (SB140, SB84, & SB208) by:
• Promoting greater utilization of public transit
• Increasing the availability of attainable housing
• Encouraging transformative mixed-use development and collaborative
investment in transit and transportation in strategic areas
• Maximizing available planning and economic development tools to strengthen
and grow major transit corridors
• Increasing access to employment and educational opportunities
• Improving water conservation and air quality resources through efficient land
use and better utilization of transit opportunities
In addition, the project meets the HTRZ State requirements, more specifically:
Land Area: The Project is within the required 1/3-mile radius of a commuter rail
station, 900 South/200 West Blue, Green and Red Light Rail lines.
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Housing and Mixed-Use: The mixed-use project provides approx. 22,500 square feet
of retail/commercial, public walkways, bike paths and open spaces, and a total of
141 residential units or 56.4 units per acre, exceeding the 50-unit-per-acre minimum
required. Housing affordability also exceeds the minimum requirement with 20% of
the units at 60% AMI and 18% at 80% AMI for a total of 38% or 54 affordable units.
The state requirement by comparison is 12% affordable with 9% at less than or
equal to 80% AMI and at least 3% at less than or equal to 60% AMI (See Section III.
Development Overview, Land Use Mix)
4. ESTIMATED TAX INCREMENT REQUESTED AND WHY IT IS NECESSARY FOR
PROJECT’S SUCCESS
The Pickle & Hide development, as proposed, delivers immense public benefits,
including affordable housing, historic preservation, public spaces, and enhanced
pedestrian connectivity. However, without HTRZ tax increment financing tools, the
project would be economically infeasible, and many of these benefits—critical to
achieving the City’s goals—would not be realized. Below are the key arguments:
Substantial Preservation and Adaptive Reuse Costs
The project’s hallmark features include the preservation and restoration of three
historic structures—the Hide Building, the Pickle Building, and Ed’s Place. Adaptive
reuse is more complex and costly than new construction due to structural
retrofitting, façade restoration, and compliance with modern building codes and the
floodplain. For example:
• The Hide Building required substantial concrete reinforcement to support the
housing units constructed above the structure, adding $150,000 per unit for 12
of the residential units. This essential construction option to preserve the
historic character of the building increased the project cost by an additional
$1.8M, a necessary expense to ensure structural integrity and meet code
requirements. Additionally, the restoration of a significant portion of the historic
exterior greatly increased the project's overall cost. Ideally, the entire structure
would have been preserved; however, this would have added approximately
$3M to the budget, rendering the project infeasible. It was determined that by
retaining 40% of the exterior (including the entire façade and the original
painted signage on the north and south walls) we could lower that additional
cost to the project to $1.7M. Combined with the $1.8M concrete reinforcement,
the Hide Building alone requires an additional $3.5M in costs. To preserve the
site's historic character, cost-saving measures were identified elsewhere to make
the $1.7M option viable, with the expectation that HTRZ credits could help offset
the expense. Without HTRZ credits, preserving even 40% of the exterior walls
would not be feasible.
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• The Pickle Building is set to undergo a complete transformation, converting its
130-year-old industrial frame into 14,500 square feet of functional retail space
while preserving its original, authentic charm. However, restoring, rebuilding,
and replicating this cultural landmark comes at a premium cost of approximately
$1.8 million more than demolishing the structure and constructing a new
building of the same size and design. Retaining significant portions of the
existing structure is estimated to cost approximately $550 per square foot for
the 7,000-square-foot ground floor, compared to around $250 per square foot
for demolishing the existing building and constructing a new structure.
These substantial preservation and adaptive reuse costs, totaling an additional
$5.5M, highlight the importance of HTRZ tax incentives to make the project
financially viable. Without HTRZ funding, the financial burden of adaptive reuse
would make it more viable to demolish these structures and pursue a standard
new-build development—sacrificing the cultural and architectural history of the
district.
Elimination of Affordable Housing
The project commits to providing 38% of units as affordable housing, with 20% of
the units at 60% AMI and another 18% at 80% AMI. The inclusion of affordable units
imposes significant financial strain:
• Affordable units generate lower rental revenue compared to market-rate units,
which reduces the property cash flow by ~$300,000 per year and overall
residual value by over $6 million (250 -300 basis point reduction in returns).
This translates to a higher cost of capital to the project, which in turn creates an
undesirable funding environment for potential investors, significantly limiting the
investor pool and limiting available cash required to build the project.
• The cost of mixed-use elements like efficient structured parking
(164 stalls), ~21,000 square feet public open space, and retail space further
stretches project financing. (~$8.6M)
Without HTRZ incentives, the project would be forced to pivot to a market-rate-only
housing model, with a larger footprint parking garage (current footprint is smaller
and more efficient, which is also more costly to design and construct than a typical
garage), larger (less efficient and higher monthly cost for residents) units, more
private amenities, no public open space in excess of code requirement, no
sustainable elements, and no retail, diminishing the vibrancy of a mixed use
development and vital affordable and attainable units that address a critical
housing shortage.
Public Benefits Depend on Financing Support
The project delivers extensive public benefits beyond housing, including:
• 30,000 square feet of public and programmable space promoting connectivity
and community interaction.
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• Affordable commercial spaces for local businesses, enhancing the district’s
economic vitality and authenticity.
• Streetscape improvements, pedestrian and bike-friendly infrastructure that
promote connectivity and multi-modal transportation.
These amenities do not generate direct financial returns but are essential for long-
term neighborhood resilience. Without HTRZ funding, many of these amenities
would be deemed financially unsustainable.
Demolition as the Only Alternative
In the absence of HTRZ financing, the economic realities of the project necessitate:
• Demolition of the historic structures to reduce construction costs.
• Development of a simpler market-rate multifamily building with minimal public
amenities.
This outcome would eliminate affordable housing, erase critical historical landmarks,
and fail to align with the City’s goals for inclusive, sustainable, and community-
oriented development.
This project is an opportunity to preserve Salt Lake City’s rich industrial history,
deliver affordable housing, and activate the Granary District with vibrant, connected
public spaces. However, achieving this vision is contingent upon HTRZ tax increment
financing tools. Without this support, the project would regress into a generic,
market-rate development devoid of affordability, historic preservation, and
meaningful public benefits. Investing in this project through HTRZ ensures that Salt
Lake City reaps the rewards of thoughtful, equitable, and transformative
redevelopment.
5. HOW PROJECT MEETS THE RDA’S SUSTAINABILITY POLICY
Adaptive Reuse to Reduce Carbon Footprint
The project prioritizes the adaptive reuse of existing structures, significantly
reducing its carbon footprint by minimizing the need for new materials and
construction waste. This approach allows for the integration of modern, energy-
efficient technologies while preserving the historical and cultural character of the
site. Key sustainable measures include the reuse of over 10% of the original wood
floor system and wooden columns from the Hide building, along with repurposed
steel trusses and approximately 12,500 bricks salvaged on-site.
High Energy Performance
Phase I of the project will achieve an ENERGY STAR score of 92 for all new
construction, setting a benchmark for energy efficiency (See Energy Star Score
Attachment). The project is designed to be fully electric, with residential units
utilizing all-electric appliances. The only exception is a limited gas service for
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restaurant tenants, representing 5,500 square feet of the approximately 200,000
gross square feet in Phase I.
While the goal is to maximize electrification, restaurant tenants have specific
operational requirements that currently make all-electric cooking impractical.
Existing LOIs with restaurant tenants include provisions that necessitate gas service
due to the lack of reliability of electric alternatives in high-performance commercial
kitchens:
• Tenant 1: "Landlord to provide gas line and gas meter stubbed into the tenant’s
space with a one and a half inch (1.5”) line. Gas service to be a minimum of
1,700,000 BTU."
• Tenant 2: "A minimum of a 2" medium-pressure gas line stubbed to an agreed-upon
location within the Premises...The PRY to be installed to bring from medium (2 psi) to
low (1/4 psi) pressure."
To further support sustainability, leasing and marketing teams will actively promote
the benefits of induction cooking, encouraging restaurant tenants to adopt this
cleaner, more efficient alternative to gas whenever possible. Additionally, all retail
spaces are stubbed for heavy-amperage electrical service to accommodate all-
electric restaurant operations in the future.
Promoting Sustainable Mobility
The project emphasizes pedestrian- and cycling-friendly design to encourage car-
optional living for residents and visitors. Key strategies include:
● Proximity to multiple transit lines, ensuring accessible and sustainable
transportation options.
● On-site retail and restaurant spaces, reducing reliance on car trips.
● Meeting and focus rooms within the Hide apartment building to reduce the
need for residents to commute for work or study.
● Proposed bike paths along street frontages, complemented by secured bike
parking and storage facilities for residents, visitors, and retail patrons.
● 4 electric vehicle charging stalls, with infrastructure for an additional 12 future
charging stations to meet evolving demand.
Low-Carbon Materials and Efficient Design
The project integrates low-carbon emission materials in its interior design, paired
with native, drought-tolerant landscaping to reduce maintenance, lower carbon
emissions, and improve environmental health. On-site pollinator beehives
contribute to ecosystem biodiversity while enhancing air quality and fostering a
healthier living environment for residents and neighbors.
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Net-Zero and Renewable Energy Strategies
The project team has carefully evaluated on-site and off-site renewable energy
options to meet net-zero goals.
○ On-Site Solar:
○ Phase I would generate a maximum of 20,000 kWh annually through rooftop
solar—approximately 1.4% of the 1.4M kWh needed to power the
development. Due to retrofit costs of $250,000 and limited energy offset
(enough to power common areas only, which require 264,000 kWh annually),
this approach is neither cost-effective nor feasible.
- The retro fitting costs include all the roofing components/systems for the
Hide building (including but not limited to; trusses, anchors, mechanical
equipment, roof material, etc.). Other challenges with the redesign would
be approvals with the building department and procurement of
materials, both causing delays in the construction process.
○ Phase II would require structural reinforcement of the historic building to
incorporate solar, making it financially prohibitive.
○ To fully offset 1,400,000 kWh, approximately 4 acres of solar panels would
be needed, which is infeasible given site constraints.
○ Passive Design:
The project incorporates building orientation, shading, high-performance
insulation, and strategically placed operable windows to reduce energy
consumption while enhancing comfort. Features such as high-performance
windows and zone-specific heating and cooling systems further lower energy use
by minimizing unnecessary temperature fluctuations.
○ Wind Turbines:
Wind energy was deemed unsuitable due to low and inconsistent wind speeds
caused by urban turbulence, aesthetic concerns, noise pollution, and the need
for specialized turbine designs to function in dense environments. These factors
make wind energy technically challenging and cost prohibitive.
○ Geothermal:
Geothermal energy was considered but ruled out due to high installation costs
(approximately $30,000–$40,000 per unit), the high-water table, mismatched
energy demand, maintenance challenges, and utility restrictions.
Off-Site Renewables and Energy Credits
Off-site renewable energy credits (RECs) offer a supplemental approach but pose
challenges, including market volatility, cost sustainability, and limited
environmental impact.
o The estimated annual costs for Phase I per the Blue Sky Environmental Impact
Calculator by Rocky Mountain Power are $942/month or $11,303 annually for
the 1,400,000 kWh needed for the project, including the following:
• Residential Units (1,015,000 kWh):
o $717/month or $8,606 annually ($61/unit for 141 units).
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• Commercial, Common Areas, and Garage (385,000 kWh):
o $350/month or $4,200 annually.
While purchasing RECs helps offset carbon footprints, their reliance on
geographically distant renewable sources raises concerns about long-term feasibility
and transparency.
Long-Term Renewable Vision
Given the constraints of limited space, high-density energy demands, and regulatory
challenges, the project would benefit from a more district-wide renewable energy
strategy. This approach would align with broader sustainability goals, pooling
resources and infrastructure for a greater collective impact. To achieve this,
collaboration is essential among key stakeholders, including utility providers,
municipal leaders, renewable energy consultants, property owners and developers,
and community organizations. By working together, these groups can design and
implement scalable solutions such as shared solar installations, microgrids, or
district heating and cooling systems, ensuring equitable access and maximizing
environmental benefits.
VI. PUBLIC BENEFIT
PERMANENT JOB CREATION/ECONOMIC IMPACT:
• The project will create permanent jobs for retail operators, featuring nearly 20,000 s
square feet of retail aimed to attract local retail/restaurant operators. The owner is
currently holding leasing discussions with local operators. In addition, the 141
residential units will create numerous permanent job opportunities including leasing
and maintenance staff as well as contracted service vendors.
AFFORDABLE HOUSING:
• 38% of the residential units will be affordable averaging 60%-80% AMI. The units will
be dispersed throughout the building and floors. mirroring the unit mix of the
market rate apartments.
AFFORDABLE COMMERCIAL:
• Working with local shops, restaurants, businesses and services is essential to Blaser’s
development philosophy and enhances the district’s character while supporting local
entrepreneurs. Leasing is focused on offering spaces to local business owners and
artisans at accessible rates to support growth within the local community.
TRANSPORTATION OPPORTUNITIES:
• Alternative means of transportation such as biking, walking, and transit, are
encouraged and supported by the project’s secured bike parking and storage, real-
time transit screens, and streetscape/sidewalk improvements in front of the site
along 400 W. (see Attachment 5a, Site and Landscape Plan)
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• 4 electric vehicle charging stalls will be available to the public, with infrastructure
for an additional 12 future charging stations to meet evolving demand.
• The project’s shared parking garage (164 stalls) also benefits from its location
within a 1/3 mile from existing transit lines providing safer and more convenient
access to transit lines and stops, with the Red, Blue, and Green lines along with 5
nearby bus stations within 2-3 blocks from the site.
• The project team is actively coordinating with City agencies on streetscape
enhancements to 400 W, incorporating multi-modal best practices to ensure safe
and accessible transportation options for all users.
• Blaser is also coordinating with the UTA on the proposed Trax Extension project
designed to run along 400 W, right in front of the project, with 2 transit stops within
a one-block radius.
NEIGHBORHOOD SAFETY/COMMUNITY ENGAGEMENT:
• Neighborhood activation, thoughtful public space design, improved connectivity,
and active engagement creates a comprehensive strategy for enhancing
neighborhood safety. By prioritizing these elements, the project not only addresses
current safety concerns but also fosters a resilient and vibrant community where
residents feel secure and connected.
PUBLIC SPACE AND PUBLIC ART:
• The Project has recorded a 10’ public midblock walkway easement for community-
focused outdoor public space that invites and promotes social interaction,
neighborhood identity, and urban character.
• Walkways, sidewalks and public spaces will be illuminated with pedestrian-scaled
lighting that is directed downward for preservation of our night skies.
• Phase I and Phase II will feature approximately 20,000 square feet of
retail/restaurant space accessible to the public.
• The multifamily lobby will showcase rotating art from local and regional artists.
WALKABILITY:
• The walkability and accessibility of the area continues to improve as more parcels
are redeveloped. In designing the Pickle & Hide Project, the team focused on
creating new, publicly accessible pedestrian connections, namely a recorded 10’
public mid-block walkway easement through the site including connectivity to Kilby
Court to encourage social interaction and improve the user experience through the
site
• The Project focuses on creating an environment that improves the pedestrian
experience as demonstrated in the Site and Landscape Plan (Attachment 5a) with
new and improved sidewalks and walkways in front and through the site
complemented with pedestrian scaled lighting, seating and substantial
landscaping.
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• The ground-floor retail spaces are designed with significant transparency, featuring
extensive glazing and large openings to promote indoor/outdoor seating and
enhance the connection between the interior spaces and the surrounding
streetscape. This design encourages interaction, fosters a welcoming pedestrian
experience, and supports active street life.
HISTORIC PRESERVATION, REHAB AND ADAPTIVE REUSE:
• Phase I of the project will focus on the renovation and preservation of the historic
1919 Bissinger & Co. Hides (“Hide”) building. This includes restoring 100% of the
front façade and 40% of the original brick exterior, along with the preservation of
the iconic “Bissinger” signage that has long defined the building’s identity. The new-
build multifamily portion of the project has been purposefully designed around the
historic Hide building, intentionally incorporating many of the industrial materials
and elements into the design. The Hide building will serve as the gateway to a
thoughtfully integrated multifamily and retail space, blending history with modern
use.
• Phase II will center on the renovation, restoration and replication for adaptive reuse
of the Utah Pickle Co. (“Pickle”) building. Given the poor structural integrity of the
building and the significant cost of renovation, the focus of the restoration plan is to
preserve as much of the front façade as possible, maintaining the original footprint
and reusing as many of the original bricks and materials as feasible to ensure the
historical and cultural character is well preserved. Constructed in 1894 by former
LDS Church President Heber J. Grant, the building has served many roles over its
130-year history—from a soap factory to a pickle and condiment plant, and most
recently, an arts and event space. Now, the Pickle building will be transformed into
14,500 square feet of retail and commercial space, maintaining its industrial charm.
The original “Utah Pickle and Co.” signage has been carefully preserved and will be
refurbished to once again adorn the structure, honoring its storied past.
• Additionally, Ed’s Place, a 2,500-square-foot, single-story brick building on 700
South, will undergo renovation and retrofitting for commercial use. Once a beloved
neighborhood breakfast and lunch spot, the building’s original façade will be
restored, removing the deteriorating, orange-shingled overhang and Italian-flag-
striped canopy to reveal its historical character.
• This phased approach to adaptive reuse preserves the rich industrial architecture
that defines the district, maintaining its cultural identity while minimizing the
project’s carbon footprint. By blending history with contemporary functionality, the
project will help stimulate the local economy, attracting businesses, visitors, and
residents seeking a culturally authentic and character-rich environment.
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ATTACHMENT CHECKLIST
1. Sources and Uses
2. Operating Pro Forma
3. Tax Increment Reimbursement Calculation
4. Appraised Project Value – (Not available until loan closing, will complement
application as soon as available)
5. Preliminary Plans & Renderings
a. Site and Landscape Plan
b. Floor Plans (Hide)
c. Elevations (Hide)
d. Roof-top Solar Availability Plan (Hide)
e. Renderings
6. Energy Star Score Card
7. Project’s Carbon Avoidance
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Pickle & Hide - Site and Landscape Plan
CONNECTIVITY TO KILBY COURT
RETAIL PARKING
PICKLE RETAIL /
FOOD & BEVERAGE
HIDE RETAIL /
FOOD & BEVERAGE
ED’S
PLACE
RETAIL
40
0
W
ES
T
700 SOUTH
ATTACHMENT 5ba:
PRELIMINARY PLANS & RENDERINGS
SITE AND LANDSCAPE PLAN
16
ATTACHMENT 5b:
PRELIMINARY PLANS & RENDERINGS
HIDE FLOOR PLANS
17
18
19
20
ATTACHMENT 5c:
PRELIMINARY PLANS & RENDERINGS
HIDE ELEVATIONS
Phase I - Hide Elevations
Phase I - Hide Elevations
21
ATTACHMENT 5d:
PRELIMINARY PLANS & RENDERINGS
ROOFTOP SOLAR AVAILABILITY
Phase I - Hide Rooftop Solar Plan
Required Clearance for Safety Anchors
Possible Solar Roof Area
Roof Area for Mechanical Equipment
22
ATTACHMENT 5e:
PRELIMINARY PLANS & RENDERINGS
Hide and Pickle Buildings from 400 W
Pickle Public Alley showing midblock connectivity, retail
activation outdoor furnishings and amenities, and landscaping
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Residential Entrance with secure bike parking and landscaping
Midblock open space activation
ATTACHMENT 5e:
PRELIMINARY PLANS & RENDERINGS
24
ATTACHMENT 6:
ENERGY STAR SCORE CARD
25
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ATTACHMENT 7:
CARBON AVOIDANCE
27