HomeMy WebLinkAboutUpdated Resolution - 10/10/2025SALT LAKE CITY RESOLUTION
NO. ________ OF 2025
(Authorizing the execution of an interlocal agreement with the Salt Lake City Community
Reinvestment Agency for the use of a portion of tax increment to support the implementation of
the Salt Lake Central Housing Transit Reinvestment Zone)
WHEREAS, on May 1, 2025, pursuant to Utah Code Section 63N-3-605, the Utah Housing
and Transit Reinvestment Zone Committee approved the application of Salt Lake City
Reinvestment Agency (“Agency”) and Salt Lake City (“City”) for Salt Lake Central Housing
Transit Reinvestment Zone application (the “HTRZ Plan”).
WHEREAS, under the HTRZ Plan, the Agency and City will receive tax increment from
a variety of taxing entities to support transit-oriented development with a high density of affordable
housing and mixed uses in the HTRZ Plan project area.
WHEREAS, for the City and Agency to receive and use the tax increment generated in the
HTRZ Plan area, Utah Code 63N-3-607 requires that the parties execute an interlocal agreement
which sets forth the terms under which the City will convey the tax increment to the Agency to be
used consistent with the purposes set forth in the HTRZ Plan, state law, and the HTRZ Committee
Approval Letter.
WHEREAS, the parties desire to execute the attached interlocal agreement in which the
City consents to the Agency receiving the tax increment from the HTRZ Plan project area.
THEREFORE, BE IT RESOLVED, by the City Council of Salt Lake City, Utah:
1. It does hereby approve the execution and delivery of an interlocal cooperation agreement
between the Salt Lake City Community Reinvestment Agency and Salt Lake City
Corporation regarding the use of tax increment from the Salt Lake Central Housing and
Transit Reinvestment Zone. Such agreement shall be effective upon both the City and
Agency approving the agreement. The interlocal agreement does not create an interlocal
entity.
2. Erin Mendenhall, Mayor of Salt Lake City, Utah or her designee is hereby authorized to
approve, execute, and deliver said agreement on behalf of Salt Lake City Corporation, in
substantially the same form as now before the City Council and attached hereto as Exhibit
A, subject to such minor changes that do not materially affect the rights and obligations of
the City thereunder and as shall be approved by the Mayor, her execution thereof to
constitute conclusive evidence of such approval.
3. This resolution shall take effect upon adoption.
Passed by the City Council of Salt Lake City, Utah this day of , 2025.
SALT LAKE CITY COUNCIL
Chris Wharton, Chairperson
Attest:
City Recorder
Approved as to form:
Salt Lake City Attorney’s Office
/s/ Sara Montoya
Sara Montoya, Senior City Attorney
Date: September 29, 2025
EXHIBIT A
[Attach Form Interlocal Agreement]
1
INTERLOCAL COOPERATION AGREEMENT
BETWEEN SALT LAKE CITY CORPORATION AND
THE SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
Salt Lake Central Housing Transit Reinvestment Zone Tax Increment
This interlocal cooperation agreement (Interlocal Agreement) is executed between the
Salt Lake City Community Reinvestment Agency (the “Agency”) and Salt Lake City
Corporation (the “City”).
RECITALS
A. On May 1, 2025, and pursuant to Utah Code Section 63N-3-605, the Housing and
Transit Reinvestment Zone Committee approved the Agency’s and City’s Salt Lake Central
Housing Transit Reinvestment Zone Application (the HTRZ Plan), a copy of which is attached
as Exhibit A and includes a parcel list and a map of the Salt Lake Central Housing Transit
Reinvestment Zone area (the Project Area).
B. Under the HTRZ Plan, the Agency and City support transit-oriented development in
the Project Area with a high density of affordable housing and mixed uses, which will be accessible
for a range of income levels.
C. By submitting the HTRZ Plan for review and approval by the Housing and Transit
Reinvestment Zone Committee, the Agency and City determined that it is in their best interests to
provide certain financial assistance using tax increment (as defined in Utah Code Section 63N-3-
602(33), hereinafter, Tax Increment) from participating taxing entities. The taxing entities that
are participating include the City, Salt Lake County, Salt Lake City School District, Salt Lake City
Library, Salt Lake Metropolitan Water District, Salt Lake City Mosquito Abatement District, and
Central Utah Water Conservancy District (each a Taxing Entity, and collectively, Taxing
Entities).
D. On December 12, 2023, the Agency adopted a policy to guide the use and distribution
of Tax Increment (HTRZ Policy).
E. The Agency anticipates using Tax Increment created by development activities in the
Project Area to assist in development as set forth in the HTRZ Plan and consistent with the HTRZ
Policy and HTRZ Committee Approval Letter.
F. For the City and Agency to receive and use the Tax Increment, Utah Code Section 63N-
3-607 requires that the parties execute this agreement to set forth the terms under which the City
will convey the Tax Increment to the Agency consistent with the purposes set forth in the HTRZ
Plan, state law, and HTRZ Committee Approval Letter.
2
AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
1.Tax Increment. Capitalized terms used but not otherwise defined in this
Agreement shall have the meanings ascribed to them in the HTRZ Plan. The City hereby agrees
that the Agency shall receive a maximum capture of eighty percent (80%) of the Tax Increment
from the Project Area for a term of twenty-eight (28) years to use consistent with the HTRZ Policy,
HTRZ Plan, state law, and the HTRZ Committee Approval Letter.
a.Timing. The collection period for Phase 1 shall begin no later than December 31,
2026, and be triggered when the CRA provides notice of the commencement of the
collection of Tax Increment to the Taxing Entities and various third-party entities as
detailed in 63N-3-603. The collection period for Phase 2 shall begin no later than
December 31, 2029, and be triggered when the CRA provides notice of the
commencement of the collection of Tax Increment to various third-party entities as
detailed in 63N-3-603
b.Calculation of Tax Increment. Pursuant to Utah Code Section 63N-3-602(33), the
calculation of annual Tax Increment shall be the difference between (i) the amount of
property tax revenue generated by a Taxing Entity from the Project Area using the
current assessed value and each Taxing Entity’s certified tax rate, and (ii) the amount
of property tax revenue generated from the Project Area using the base taxable value
and each Taxing Entity’s then current certified tax rate. The Phase 1 base taxable value
shall be calculated using 2025 as the base year, with the Phase 2 base taxable value
being calculated as the year prior to tax increment collection commencement, for
example, a 2028 base year value for a 2029 collection trigger.
2.Interlocal Cooperation Act.
( Interlocal Cooperation Act
3
d. A duly executed original counterpart of this Interlocal Agreement shall be filed
immediately with the keeper of records of each party pursuant to Section 11-13-209 of the
Interlocal Cooperation Act.
e. No separate legal entity is created by the terms of this Interlocal Agreement. The
Executive Director of the Agency is hereby designated the administrator for all purposes of the
Interlocal Cooperation Act, pursuant to Section 11-13-207 of the Interlocal Cooperation Act.
f. Following the execution of this Interlocal Agreement by each of the parties, each
party may cause a notice regarding this agreement to be published in accordance with Section 11-
13-219 of the Interlocal Cooperation Act.
g. No real or personal property shall be acquired jointly by the parties because of this
agreement. To the extent a party acquires, holds, or disposes of any real or personal property for
use in the joint or cooperative undertaking contemplated by this Interlocal Agreement, such party
shall do so in the same manner that it deals with other property of such party.
3. Modification and Amendment. Any modification of or amendment to any
provision of this Interlocal Agreement shall be effective only if the modification or amendment is
in writing and signed by each of the parties. Any oral representation or modification concerning
this Interlocal Agreement shall be of no force or effect.
4. Further Assurance. Each of the parties hereto agrees to cooperate in good faith
with the other, to execute and deliver such further documents, to adopt any resolutions, to take any
other official action, and to perform such other acts as may be reasonably necessary or appropriate
to consummate and carry into effect the transactions contemplated under this Interlocal
Agreement.
4
Executed to be effective as of the date this agreement is filed with the Salt Lake City
Recorder’s Office.
SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY
Erin Mendenhall, Executive Director
Approved as to proper form with applicable law:
___________________________________
Salt Lake City Attorney’s Office
Sara Montoya, Senior City Attorney
Attest:
___________________________________
Salt Lake City Recorder
SALT LAKE CITY CORPORATION
Erin Mendenhall, Mayor
Approved as to proper form with applicable law:
_____________________________
Salt Lake City Attorney’s Office
Mark Kittrell, City Attorney
Attest:
___________________________________
Salt Lake City Recorder
5
EXHIBIT A
HTRZ Plan
P R O P O S A L S U B M I T T E D
N O V E M B E R 2 0 2 4
Salt Lake Central
Housing and Transit Reinvestment Zone
(HTRZ)
3 Executive Summary 15 Key Objectives
5 Proposed HTRZ Location 18 Property Tax Increment
Budget
6 Project Highlights 20 Proposed Expenditures
10 Development Plan 23 Alternative Funding Sources
11 Housing Supply 24 Sales & Use Tax Increment
12 Affordable Housing Funding
Priorities
13 Zoning
Table of Contents
Attachments
A. List of Property Tax Increment Collection Parcels
26
D. Affordable Housing Gap Analysis
E. Sales Tax Analysis
B. Development Details + Absorption Schedule
C. Property Tax Increment Budget + Base Year Values
Delta Center
Historic Rio Grande Depot Central Business
District
Salt Lake Central
Station
Figure 1. Context Map of HTRZ area and Downtown landmarks to the east
3
Executive Summary
The proposed HTRZ includes 116.71 acres of developable land within a ½-mile radius of the Utah Transit
Authority’s (“UTA”) Salt Lake Central Station, which is located just west of Salt Lake City’s Central Business
District. The station is commonly referred to as the Intermodal Hub as it provides access to Frontrunner
commuter rail, TRAX light rail, local bus, Amtrak, and Greyhound services. Additional connections of the
proposed HTRZ to the University of Utah (“U of U”) and Granary District are being recommended by the
recently concluded TechLink TRAX Study, which was funded by a federal Rebuilding American
Infrastructure with Sustainability and Equity (RAISE) grant awarded to a partnership of UTA, Salt Lake City,
and the U of U.
The wealth of existing and future transit service complements parallel projects planned to occur within or
adjacent to the HTRZ area, such as the redevelopment of approximately 16.07 acres owned by the
Redevelopment Agency of Salt Lake City (“RDA”) and 25.79 acres of UTA-owned property, a plethora of
private housing development, as well as Salt Lake City’s investment in alternative transportation modes via
initiatives like the 200 South Reconstruction project, 400 South bikeway, and Green Loop linear park and
urban trail.
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Provides an opportunity to implement the strategic planning work that
has been done in this area, including recommendations of the Salt Lake
Central Station Area Plan, Rio Grande District Vision and
Implementation Plan, and TechLink TRAX Study.
Planned infrastructure investments include the construction of new
mid-block streets, safe pedestrian and bicycle connections to transit
facilities, the concentration of shared parking facilities, potential
expansion of the TRAX network, and sustainable utility upgrades.
HTRZ funds will support transformative mixed-use development with
a high level of public benefit, with assistance provided to overcome
natural and man-made development impediments and current market
conditions.
The model anticipates that 59.8% of the collection parcel acreage will
contain residential uses for a total of 5,793 residential units averaging
83 units per acre. 174 units will be attainable for those earning up to
60% of Area Median Income (“AMI”) and 521 attainable for those
earning up to 80% AMI. Existing RDA policies target the creation of
owner-occupied housing and will be implemented within the HTRZ
when possible.
The proposed HTRZ is in an area with some of the highest development
potential left in Salt Lake City. The development model anticipates the
creation of 565,358 sf of commercial space, 59,000 sf of light
industrial/maker space, 3,293,234 sf of office, and 325 hotel rooms.
4Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
The vision for the HTRZ – to encourage dense, mixed-use, walkable, sustainable development
adjacent to the most transit-rich site in the State of Utah – fully embraces key legislative
objectives:
Figure 2. Transportation Context Map
5
Proposed HTRZ Location
The proposed HTRZ includes 116.71 acres of developable land within a ½-mile radius of UTA’s Salt Lake
Central Station, which is located just west of Salt Lake City’s Central Business District. The station is
commonly referred to as the Intermodal Hub as it provides access to Frontrunner commuter rail, TRAX light
rail, local bus, Amtrak, and Greyhound services. Additional connections of the proposed HTRZ to the U of U
and Granary District are being recommended by the recently concluded TechLink TRAX Study, which was
funded by a federal RAISE grant awarded to a partnership of UTA, Salt Lake City, and the U of U.
The wealth of existing and future transit service complements parallel projects planned to occur within or
adjacent to the HTRZ area, such as the redevelopment of approximately 16.07 acres of RDA-owned
property and 25.79 acres of UTA-owned property, a plethora of private housing development, as well as
Salt Lake City’s investment in alternative transportation modes via initiatives like the 200 South
Reconstruction project, 400 South bikeway, and Green Loop linear park and urban trail.
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Please refer to page 18 for a map of the proposed HTRZ boundary and property tax increment collection
parcels, Attachment A for a complete list of collection parcel ID numbers, and page 24 for a map of the
sales and use tax collection boundary.
6
Project Highlights
The Rio Grande District is a dense, mixed-use,
transit-oriented development located at the
heart of the HTRZ with low-stress pedestrian
and bicycle facilities that are seamlessly
connected to Salt Lake Central Station.
The Vision & Implementation Plan, which has
been provided to the Committee, calls for a
network of unique public spaces to support
adjacent density, such as:
the reconstruction of 300 South into a
Festival Street that can be closed and
activated by the community;
an Arts Alley with art installations, cultural
events, performances, and adjacent maker
spaces for emerging artists;
a section of the Green Loop, a 5.5-mile
urban trail and linear park that will be a
critical part of the neighborhood’s mobility
network and provide much-needed open
space and areas for recreation; and
the addition of multiple mid-block streets
to enhance connectivity and walkability.
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Rio Grande District
Anticipated land uses include a high-intensity
employment hub along 600 West with incubator,
lab, and office space to support the State of
Utah’s growing innovation industries, a hotel,
dedicated space for community-benefitting non-
profits, and residential mixed-use throughout,
including a 400-foot-tall residential tower.
USA Climbing plans to build their permanent
headquarters and national training facility on the
southwest corner of 500 West and 300 South.
The developmet concept prioritizes activated
ground floors wherever possible, including a
“Festival Retail Zone” along 300 South, a “Maker
Space Zone” lining the Arts Alley, and “Transit
Street Zone” on frontage near Salt Lake Central
Station.
A shared parking structure will concentrate
parking at the perimeter of the District to reduce
internal traffic, conflicts with pedestrians and
bicyclists, and the amount of land devoted to
parking at each individual development site.
Figure 3. Diagram of Rio Grande District at full buildout
7
Project Highlights
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Redevelopment of Salt Lake Central Station
Figure 4. Rendering of new UTA headquarters and transit amenities that are being contemplated at Salt Lake Central Station -
photo courtesy of Utah Transit Authority
UTA is exploring the feasibility of redeveloping its land holdings within the HTRZ, including the
current Salt Lake Central Station site, which is a prominent entry point to Salt Lake City for
transit users.
Preliminary designs include a completely re-envisioned intermodal hub with two six-story
structures that are connected with an enclosed transit hall. Mass timber may be used due to its
lighter weight, mitigating challenging soil conditions caused by the area’s high groundwater
table.
Anticipated land uses include retail and amenities for transit patrons on the ground floor and
office uses on upper levels, to include space for a new UTA headquarters.
This is a significant opportunity to improve the customer experience and accommodate
smoother connections between various transportation modalities.
8
Project Highlights
Planned 5+ mile urban trail and linear park system that will encircle downtown Salt Lake City.
Project’s objective is to improve the quality of life for people living, working, and traveling downtown
by adapting ~60 acres of existing street space to include more trees, shade, and comfortable options
for a variety of transportation choices.
Added green spaces will provide critical ecosystem services and contribute to a more resilient city by
managing stormwater, reducing the heat island effect, and improving air quality.
Salt Lake City has developed a preliminary design concept for the eastern leg of the Green Loop to
understand its impacts, constructability, and project costs. Western leg to follow.
This is a significant public investment – preliminary construction cost estimate of ~$8-10 million per
block.
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Green Loop
Figure 5. Green Loop concept as depicted in Salt Lake City’s The Downtown Plan (2016)
9Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Figure 7. Rendering of potential Green Loop on 500 West near Rio Grande District, looking north
Figure 6. Historic and present images of 500 West near Rio Grande District, looking south
Land Use Square Footage (sf) /
Count (#)
Residential Units 5,793
Commercial 565,358
Makers Space 59,000
Office 3,293,234
Hotel Rooms 325
10
Development Plan
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
The HTRZ proposal and development model includes parcels with specific development plans as well as
underutilized parcels that are likely to develop over the HTRZ’s term. Where development-specific
information is available, those details have been included. For parcels where development details are yet to
be finalized, Salt Lake City zoning standards and industry-specific floor-to-area ratios were utilized to
determine their highest and best uses.
Table 1. Anticipated land uses, by quantity
11
Housing Supply
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Based on the development model, it is estimated that approximately 59.8% of the collection parcel acreage
will incorporate residential uses for a total of 5,793 housing units averaging 83 units per acre.
Please refer to page 12 – Affordable Housing Funding Priorities – for further details on RDA-imposed
requirements for varied dwelling unit sizes and housing affordability that is maintained through deed
restriction.
Figure 8. Map of estimated housing density, by collection parcel
12
Affordable Housing Funding Priorities
The RDA has multiple policies in place to ensure that requirements contained in Utah Code 63N-3-603(2)
will be met or exceeded with administration of the HTRZ:
HTRZ Tax Increment Reimbursement Policy - Establishes guidelines for the distribution of HTRZ tax
increment to project developers or property owners via tax increment reimbursement agreements.
Threshold Requirements of Projects that Incorporate Housing:
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Deeply Affordable Housing: Expand the availability of units for extremely low-income households, thereby
providing housing options for individuals or families that are homeless or at risk of homelessness;
Affordable Family Housing with Amenities for Children: Provide opportunities for families to enjoy the
many benefits of urban living by encouraging the development of housing that is more conducive to larger
household sizes that have at least three or more bedrooms and includes family-oriented amenities;
Wealth Building Opportunity: Facilitate the ability for low-moderate income households to build wealth
through different pathways such as homeownership, supplemental income opportunities, stipends for
renters, cooperative housing, and other wealth building models;
Neighborhood Commercial and Services: Promote an array of commercial spaces that support the
neighborhoods, such as daycares, restaurants, and retail spaces; and
Expand Opportunities: Provide affordable housing within areas that have access to resources that may
improve a person’s chances of upward economic mobility as identified on RDA’s High Opportunity Area
map.
Housing Development Funding Strategy - Establishes housing priorities for the current fiscal year, to be
implemented via the RDA’s various housing funding programs. Adopted funding priorities for FY25 are as
follows:
At least 10% of housing units within a project must be affordable to those earning 60% of the area
median income (“AMI”) and below, or, 20% of units must be affordable to those earning 80% AMI and
below. Income averaging of units within a single project may be utilized to achieve AMI thresholds.
If the ground floor is not a private residence, projects must include ground floor space that is activated
with commercial, office, or retail uses that are not exclusive to the tenants of the building.
Deed Restriction – Prior to executing a participation 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.
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.
Affordable Housing Requirements:
a.
b.
a.
b.
a.
b.
c.
d.
e.
13
Zoning
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
As can be seen in the map on the next page, the majority of the proposed HTRZ land area is currently
zoned as either Gateway-Mixed Use (G-MU) or General Commercial (CG).
Per the Salt Lake City Zoning Ordinance, Title
21A.31, the G-MU District is intended to:
Serve as an urban neighborhood that provides
employment and economic development
opportunities that are oriented toward the
pedestrian with a strong emphasis on a safe
and attractive streetscape;
Have a mixed-use character with supportive
retail, service commercial, office, and high
density residential uses;
Encourage urban-scale commercial
development along the 200 South corridor;
and
Host a primarily residential corridor along 500
West, from North Temple to 400 South.
Per the Salt Lake City Zoning Ordinance, Title
21A.26, the CG District is intended to:
Enhance the economic vitality of the City as a
whole, encourage sustainable and profitable
businesses, and create dynamic and vital business
districts;
Provide economic development opportunities
through a mix of land uses, including retail sales
and services, entertainment, office, residential,
heavy commercial, and low intensities of
manufacturing and warehouse uses;
Include safe, convenient, and inviting connections
that provide access to businesses from public
sidewalks, bike paths, and streets; and
Be accessed under a hierarchy that places the
pedestrian first, bicycle second, and automobile
third.
The RDA is preparing an application to amend the zoning designation of select parcels from G-MU to
Downtown Secondary Central Business District (D4) to accommodate the implementation of the Rio
Grande District Vision & Implementation Plan; primarily, to allow for taller building heights. The G-MU zone
allows for maximum heights of 90 feet with up to 180 feet possible with additional design review. A D4
designation would allow for building heights up to 200 feet by right with a potential height of 600 feet
permitted with additional design review. The Mayor and City Council have both expressed support for
increased buildings heights within the Rio Grande District and the necessary zoning changes will be in place
before its collection phase is triggered.
Per the Salt Lake City Zoning Ordinance, Title 21A.30, the D4 District is intended to:
Foster an environment consistent with the area’s function as a housing, entertainment, cultural,
convention, business, and retail section of the city that supports the Central Business District; and
Contain development that supports the regional venues in the district, such as the Salt Palace
Convention Center.
12Redevelopment Agency of Salt Lake City
Map of Current and Proposed Zoning for Property Tax
Increment Collection Parcels
Figure 9. Map of current and proposed zoning for property tax increment collection parcels
15
Key Objectives
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Higher utilization of public transit
Per 63N-3-603(1), a HTRZ proposal shall promote the following objectives:
Increasing availability of housing, including affordable housing, and fulfillment of
moderate income housing plans
Promoting and encouraging development of owner-occupied housing
The proposed Salt Lake Central HTRZ may be the most transit-rich site in the entire State of Utah and
the convergence of FrontRunner, TRAX, local bus routes, Amtrak, and Greyhound services will offer
compelling alternatives to a vehicle for those who live, work in, and visit the area. Planned future TRAX
extensions will enhance rider options with direct connections to the Airport, U of U, and emerging
Granary District. The broader UTA transit network provides access to event venues such as America First
Field, the future ballpark being developed at Daybreak, and other higher education institutions via the
FrontRunner line that runs from Ogden to Provo.
As described on page 12, the RDA intends to utilize its HTRZ Tax Increment Reimbursement Policy to
offset increased costs associated with affordable housing. Implementation of this policy will ensure that
minimum affordable housing thresholds outlined in 63N-603-2 are not only met but surpassed. Tax
increment generated with the HTRZ may also be utilized to support the RDA’s other various housing
funding programs, which are developed in coordination with Salt Lake City and meant to support its
moderate income housing plan, Housing SLC (2023).
The Agency has published the Residential Wealth Building Pilot Program, which is aimed at helping low-
to moderate-income families and individuals build wealth through affordable housing opportunities. This
initiative is designed to address the homeownership gap in Salt Lake City and provide innovative
pathways for economic stability. The Residential Wealth Building Pilot Program will offer funding for
projects that create affordable homeownership and shared equity models, supporting the development
of family and workforce housing. With an emphasis on promoting long-term financial stability and wealth
accumulation, the program prioritizes housing development solutions such as rent-to-own units, condo or
co-op conversions, tenant shared-equity models, and more. The initiative aligns with RDA’s goal of
equitable economic growth, addressing systemic barriers to wealth for underserved communities.
16Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Improving efficiencies in parking and transportation, including walkability of
communities near public transit facilities
Overcoming development impediments and market conditions that render a
development cost prohibitive absent the proposal and incentives
Conserving water resources through efficient land use
Improving air quality by reducing fuel consumption and motor vehicle trips
The dense nature of the proposed developments within the HTRZ leads to water conservation via efficient
landscape design and the lack of individual lawns requiring irrigation, as compared to single family or less-
dense development. According to the EPA’s Protecting Water Resources with Higher-Density Development
study, it has modeled that on a per housing unit basis, higher density developments produce less
stormwater runoff and provide less impervious cover than low-density development. The decrease in
stormwater runoff can assist in the reduction of downstream pollutants and toxins being deposited due to
storm runoff which, combined with other efforts, seek to prevent the Great Salt Lake from further decline.
The Rio Grande District - which will form the heart of the HTRZ near Salt Lake Central Station - is
envisioned to become a model of urban-scale transit-oriented development for the State of Utah. The
Vision & Implementation Plan prioritizes connectivity and accessibility with the creation of new mid-block
streets, low-stress pedestrian and cyclist facilities, and a safe and walkable environment with highly
activated ground floor spaces. The Plan also includes a shared parking garage that will concentrate parking
at the perimeter of the Rio Grande District a) so that other land can be put to more efficient uses and b) to
reduce the number of curb cuts and potential vehicle-pedestrian conflicts within the core. Public parking
spaces within the shared structure could be utilized by those accessing Salt Lake Central Station to take
transit elsewhere.
The RDA acknowledges that the level of density associated with transit-oriented development will incur
substantial horizontal and vertical construction costs. Although interest rates have fallen, and are
forecasted to continue to fall through 2025, they remain high enough to stall this caliber of development.
The HTRZ will allow the RDA to fund critical infrastructure upgrades and offer eligible development
projects a tax increment reimbursement to overcome increased costs and encourage more timely
development. This is especially crucial given the timing of the 2034 Winter Olympics.
The proximity and network breadth of Salt Lake Central Station provides viable alternatives to vehicle
usage. By bringing uses such as office, retail, and housing within walking distance of each other, there are
efficiencies that would not otherwise be viable. Salt Lake Central provides transit access to the wider
Wasatch Front and can reduce vehicle trips. According to the Institute of Transportation Engineers (ITE),
mixed-use development leads to 20% internal capture, or reduced vehicle trips, which directly lowers
vehicle emissions.
17Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Encouraging transformative mixed-use development and investment in
transportation and public transit infrastructure in strategic areas
Strategic land use and municipal planning in major transit investment corridors as
described in Subsection 10-9a-403(2)
Increasing access to employment and educational opportunities
Increasing access to child care
These objectives perfectly encapsulate the vision for the area, and the HTRZ will be a key tool in
bringing the many moving parts together to deliver on it. The Rio Grande District will raise the bar for
development in Salt Lake City and Utah with unprecedented levels of density, mixed-use design,
walkability, and sustainability. The proposed redevelopment of UTA’s Salt Lake Central Station will
enhance the public transit experience at a primary gateway to the city, which is vital to providing lasting
impressions for riders and growing ridership levels. Other initiatives such as the planned TRAX
extensions, Green Loop, and 400 South Bikeway will only enhance the overall network and feasibility of
its use to access jobs, shopping, recreational, and educational opportunities across the Wasatch Front.
In addition, Salt Lake City was awarded nearly $2 million from the U.S. Department of Transportation to
study solutions for eliminating barriers caused by transportation infrastructure, and there is potential for
this work to result in recommendations within the HTRZ. Local advocates have developed the concept
of relocating freight and Frontrunner rails into an underground train trench (the “Rio Grande Plan” - not
to be confused with the Rio Grande District Vision & Implementation Plan), which is one option that will
be considered through this effort.
The tax increment generated from the HTRZ can be used to support the development of residential,
office, and retail spaces that would otherwise not be built at this time due to the current cost
prohibitive market conditions. Jobs will be created within the HTRZ through the construction of these
new spaces. The RDA intends to partner with organizations such as EDCUtah, the Salt Lake Chamber,
and the Governor’s Office of Economic Opportunity to find the optimal developers and tenants. In
addition, residents of the HTRZ can utilize adjacent transit infrastructure to access job centers and
educational institutions across the Wasatch Front. Many universities and colleges have partnered with
UTA to provide their enrolled students with free transit access.
Salt Lake City has identified a need for more child care facilities in the city, and tax increment generated
from the HTRZ could be used to incentivize their inclusion in residential or commercial developments
within the HTRZ. Additionally, the Agency has a Housing Development Loan Program that provides
competitive low-interest loans to projects that meet certain project priorities, one of which is affordable
family housing with amenities for children.
18
Property Tax Increment Budget
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
It is proposed that the HTRZ’s 162 parcels would be triggered for tax increment collection over two, 25-
year collection phases during the total 45-year term. This phased approach accommodates the readiness of
some developers to begin construction in the next few years while anticipating that it will take longer for
plans to be established for other parcels in the HTRZ. Where development-specific information is available,
those details have been included in the budget calculations. However, for parcels where development
details are yet to be finalized, development was modeled using zoning standards and industry-specific floor-
to-area ratios to determine their highest and best uses.
Phase 1 includes private development projects that are anticipated to commence in the near-term, several
of which incorporate market-rate and affordable housing. Phase 2 includes the planned redevelopment of
RDA and UTA-owned property*, as well as other sites that have high redevelopment potential but are too
early in their planning processes to have finalized numbers. Attachment B provides the development
absorption, construction, and assessed value estimates for both phases.
*Please note that UTA plans to subdivide the large parcels under its ownership before Phase 2 is triggered.
25.79 UTA-owned acres have been included in this proposal.
Figure 10. Map of proposed HTRZ boundary and collection parcels, by phase
19Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Sources
Uses
Over the HTRZ term, it is projected that a total of $722,903,684 in property tax increment will be
generated. With an 80% taxing entity participation rate, $578,322,947 may be available to support HTRZ
development. Projected tax increment generation has been broken down by taxing entity below. See
Attachment C for more information on base year values that were used in these calculations.
The RDA proposes to utilize 98% of the tax increment funds generated within the HTRZ to support
development projects by incentivizing high levels of public benefit and investing in surrounding
infrastructure. The remaining 2% of the budget will cover costs associated with administration of the HTRZ.
See Attachment C for a more detailed tax increment budget.
Taxing Entity 100% Tax Increment
($)
80% Tax Increment
($)
Salt Lake County 103,718,375 82,974,700
Salt Lake City School District 294,935,179 235,948,144
Salt Lake City 224,103,118 179,282,495
Salt Lake City Library 43,674,811 34,939,849
Salt Lake Metropolitan Water District 14,880,685 11,904,548
Salt Lake City Mosquito Abatement District 11,830,145 9,464,116
Central Utah Water Conservancy District 29,761,370 23,809,096
TOTAL Property Tax Increment 722,903,684 578,322,947
Use of Funds Tax Increment ($)
HTRZ Development Activities (98%)566,756,488
Administrative Costs (2%)11,566,459
TOTAL Available Property Tax Increment 578,322,947
Table 2. Projected property tax increment generation, by taxing entity
Table 3. Proposed uses of property tax increment
20
Proposed Expenditures
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
A priority of the proposed HTRZ is to facilitate the buildout of two downtown projects that together have
the potential to serve as the model of urban transit-oriented development for the State of Utah: the
redevelopment of the RDA’s Rio Grande District assemblage and UTA’s Salt Lake Central Station area to
the west. Both efforts will be carried out through public-private partnerships and as such, HTRZ tax
increment will be used to support both public and private project components. Funding will also be made
available to leverage other anticipated private investment throughout the HTRZ, which includes land with
some of the highest development potential left in Salt Lake City.
The following areas of proposed expenditure will help overcome development impediments inherent to the
site and current market conditions, and enable the levels of density, walkability, accessibility, sustainability,
and affordability envisioned for the area:
Horizontal construction costs
Enhanced vertical construction costs
Structured shared parking
Affordable housing
Property acquisition costs
Separately, the RDA anticipates supporting public initiatives that would enhance private development
planned within the HTRZ area, such as potential light rail extensions and implementation of the Green
Loop. Large-scale capital projects like these require multiple funding sources and the contribution of tax
increment will not exceed the level of impact that the project will have on the HTRZ.
The HTRZ is in dire need of underground and surface-level improvements to accommodate dense, walkable
development. Due to historic industrial land uses, some sites will require environmental remediation.
Water, electrical, sewer, and stormwater utilities will need to be upgraded to provide the capacity needed
for the level of density that is encouraged by Salt Lake City Master Plans, The Rio Grande District Vision &
Implementation Plan, and Salt Lake Central Station Area Plan. New and reconstructed streets will make the
area surrounding Salt Lake Central Station more walkable, accessible, and safe for alternative mode users.
Publicly accessible open spaces will provide areas of respite from the surrounding density. For the Rio
Grande District, the RDA has commissioned an infrastructure design team that is pursuing Envision
certification to prove a model of sustainable infrastructure that can be replicated by others in the HTRZ,
City, and State. The estimated cost of planned utility and streetscape upgrades in the Rio Grande District,
only, is approximately $25 million, and those costs will increase when extended to others areas of the
HTRZ.
Horizontal Construction Costs
21Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Through its work in developing the Rio Grande District Plan and regular communication with property
owners and developers within the HTRZ area, the RDA is aware of the challenges of implementing a
vision of this scale. The Rio Grande District is envisioned to contain taller buildings ranging from 75 feet
to 400 feet in height. These structures will have specialized uses including life science space, corporate
offices, retail, and residential towers. Due to the high water table and soil liquefaction potential, these
taller structures will require additional engineering and stabilization enhancements to ensure site safety.
Some or all of the structures may require a base isolator system to mitigate movement during
earthquakes, which can lead to an additional cost. Due to the structural requirements of concrete and
steel in buildings taller than seven stories, and the need for elevator and safety systems, this will have an
impact on construction costs and possibly push projects into the cost-prohibitive zone absent the HTRZ
and tax increment incentives.
Additionally, the RDA will encourage new development within the HTRZ to be highly efficient, all-
electric, and incorporate on-site renewables, where possible. Developers within the area have advised
that to meet the expected sustainable building requirements, construction costs will be at least 2.33%
higher than traditional construction would cost. The HTRZ tax increment may be used to offset this
additional cost for developments that qualify for tax increment reimbursement agreements as a means to
reduce carbon emissions and improve the region's air quality.
Enhanced Vertical Construction Costs
Structured Shared Parking
In support of the HTRZ goal to enhance the efficiency of parking, it is anticipated that a large number of
structured parking stalls will be constructed within the HTRZ. Due to the high water table at 6 to 8 feet
in the area, and the high liquefaction potential of the soil, any parking structure will incur additional costs
to stabilize and reinforce the structure against the current ground conditions. The RDA is exploring the
option of constructing a 510-stall parking structure at the perimeter of the Rio Grande District at an
estimated cost of $35 million. As the core of the District is envisioned to be pedestrian and bike friendly,
this structure will allow vehicles to be parked on the edge of the Rio Grande District and allow visitors to
walk to nearby destinations and access the Salt Lake Central FrontRunner Station. As future residential
developments begin the planning phases, it is anticipated that they will contain their own parking
structures, which may require the use of tax increment to support the structured parking costs.
22Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Affordable Housing
Property Acquisition Costs
1: Cushman & Wakefield Apartment Market Report: Great Salt Lake Area Mid-Year 2023
2: CBRE Multifamily Market Report: Mid-Year 2023, Critical Data for Unsettled Times
Supporting affordable housing is one of the RDA's top priorities. HTRZ code requires that at least 9% of
housing units within the HTRZ be affordable to those earning 80% AMI and an additional 3% of housing
units be affordable to those earning 60% AMI or below. The RDA will work to support additional affordable
units through programs such as the RDA’s Housing Development Loan Program.
Average Market Rate Monthly Rents
The Cushman & Wakefield 2023 Multifamily Report indicates that the average monthly Salt Lake County
one-bedroom rental rate is $1,514. In their Mid-Year Apartment Market Report, CBRE noted that the
“Downtown submarket has the highest rents at $2,058 representing a weighted average of units with a
rental rate 20% to 42% higher than suburban markets.” Using these two data sources, the average Salt
Lake County monthly rent for a one-bedroom apartment was inflated by 31% to account for the difference
between rental rates in downtown Salt Lake City and those in Salt Lake County as a whole. Therefore,
monthly rent was estimated to average $1,983 for a one-bedroom apartment in this downtown
neighborhood.
Affordable Monthly Rents
In 2024, the monthly rent for a one-bedroom unit that is affordable to households earning 60% of the Salt
Lake County AMI is $1,299; the monthly rent for a one-bedroom unit affordable to households earning
80% of the AMI is $1,733.
Estimated Housing Revenues
Using a 2.5% vacancy rate and an annual increase in rental rates of 3.0%, the estimated housing revenue
over the term of the HTRZ - if all occupied residential units were market rate - is $5.26 billion. Using the
HTRZ affordable housing requirements for 9% of units to be affordable to households earning 80% AMI
and 3% of the units to be affordable to households earning 60% AMI, the estimated housing revenue is
$517.82 million. Therefore, including affordable housing at levels that meet the HTRZ requirements creates
a housing revenue gap of $114.38 million. See Attachment D for additional affordable housing gap analysis
details.
In addition to the financial gap resulting from reduced rental housing revenue, apartment units subject to
rent restrictions generally have less value than comparable market rate units. This creates a capitalized
value differential, further increasing the financial gap for affordable housing. The RDA intends to uses
HTRZ tax increment and programs such as the RDA’s Housing Development Loan Program to help bridge
the gap created by reduced rental revenue and capitalized value for affordable housing projects.
1
2
Recent appraisals have valued land within the HTRZ at $6.6 million/acre. The Agency may acquire
distressed property within the HTRZ to further activate or complement existing projects. The Agency may
also acquire distressed land to conduct environmental cleanup or contribute to environmental remediation
efforts on contaminated land.
23
Alternative Funding Sources
Participating HTRZ tax increment will be leveraged with various other federal, state, and locally offered
funding programs to maximize the reach and impact of development activities and reduce the financial gap.
A menu of applicable options is outlined below:
Low-Income Housing Tax Credit Program (LIHTC)
The LIHTC program provides a federal tax incentive to construct or rehabilitate affordable rental housing
with below-market rents.
Salt Lake City Housing Development Loan Program (HDLP)
The HDLP provides low-cost gap financing to incentivize the development, rehabilitation, and preservation
of affordable housing within municipal boundaries.
Transit Transportation Investment Fund (TTIF)
TTIF funds are administered by the Utah Transportation Commission and used to construct transit or
first/last mile capacity projects.
Utah State Infrastructure Bank (SIB)
The SIB offers low-cost infrastructure loans to public entities for acquisition, construction, reconstruction,
rehabilitation, equipping, or fixturing transportation projects that are part of a state, regional, or local
general or transportation plan, or economic development initiative. Funds can also be used to improve
sewer or water infrastructure that is owned by a public entity.
EPA Brownfields Revolving Loan Fund
Salt Lake County administers a revolving fund that offers loans from $10,000 to $500,000 to entities
redeveloping qualified brownfield sites.
Salt Lake City Neighborhood Building Improvement Program (NBIP)
The NBIP provides grants up to $50,000 to Salt Lake City business and commercial property owners to
make façade improvements that increase street appeal, positively affect the surrounding neighborhood, and
boost the economy on a local level.
Salt Lake City Economic Development Loan Fund (EDLF)
The EDLF provides loans up to $300,000 for the purposes of stimulating business development and
expansion, creating employment opportunities, encouraging private investment, promoting economic
development, and enhancing neighborhood vitality and commercial enterprise in Salt Lake City.
Commercial Property Assessed Clean Energy (C-PACE)
The C-PACE program, supported by the State, provides financing options with long-term repayment
options to help businesses afford energy efficiency upgrades and the installation of renewable energy
systems, with the goal to help improve Utah’s air quality by reducing overall carbon footprint.
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
24
Sales & Use Tax Increment
Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Sales & Use Tax Collection Boundary
The SLC RDA coordinated with the Utah State Tax Commission to set the proposed sales & use tax
collection boundary shown in the map below, which includes a majority of the proposed property tax
increment collection parcels.
Figure 11. Map of proposed sales & use tax collection boundary
25Redevelopment Agency of Salt Lake City
S A L T L A KE C E N T R A L H T R Z
Sales & Use Tax Base Year Value
The estimated 2028 sales & use tax base year value was calculated using the $11,996,574,173 total 2023
taxable sales for Salt Lake City. Using the City's total taxable sales and acreage, a proportion was created to
determine an approximate base year taxable sales value for the HTRZ. The HTRZ represents 0.16% of Salt
Lake City acreage and was assumed to account for 0.16% of taxable sales, providing a taxable sales base
year value of $19,742,787.
This sales and use base year value is included as an estimate only. Per the HTRZ Act, the Utah State Tax
Commission will determine the actual sales & use tax base year value. The sales & use tax information
included here is included only as a projection. Any sales and use tax information provided by the Utah State
Tax Commission will supersede the estimate included in the HTRZ application.
Sales & Use Tax Base Year
Estimated Base Year Value (taxable sales)
Incremental Taxable Sales
Estimated Sales Tax to TTIF
Sales Tax Generation
The Salt Lake City commercial gross taxable sales were divided by the City's estimated commercial square
footage to calculate an average commercial sales per square foot value of $251. Online sales per resident
are estimated to be $2,301 per year. Using the projected absorption of residential and commercial
development, taxable sales were projected for the HTRZ term. A 3% annual growth rate was applied to
taxable sales. The total incremental taxable sales during the HTRZ term is projected to be $4,938,013,012,
or an average of $176,357,608 per year. The sales and use tax generated over the full term is estimated to
be $213,640,452. The 15% set aside of the sales and use tax for the Transit Transportation Investment
Fund (TTIF) is estimated at $32,046,068. Attachment G includes additional details regarding the estimated
sales tax generation.
TY 2028
$19,742,787
$4,938,013,012
$32,046,068
Attachment A
List of Property Tax Increment Collection Parcels
Salt Lake Central Station HTRZ
Parcel List tax_dist_1 x
Parcel Number Legal Description Phase Tax Area Acres
15011080320000 MCCARTHEYS 1S 0907LOT 2, MCCARTHEY'S SUB.
1 01N 21,250,405 3.390 100%3.39
15011520260000 2 01N 4,895,092 1.350 95%1.28
15011510210000 2 01N - 0.739 97%0.72
15011520250000 2 01N - 0.560 97%0.55
15011520210000 2 01N 4,055,140 1.650 97%1.61
15013020180000 0917
2 01N - 0.600 0%0.00
15013020190000 06457389-1673 8599-0917
2 01N - 0.160 0%0.00
15013020200000 RDS TO BEG. 0.31 AC M OR L. 3914-0131 5036-0001 5117-1156 5686-0645 7389-1673 8597-0917
2 01N - 0.310 0%0.00
15013020170000 TO BEG. 3997-0484 5355-1358 8599-0921
2 01N - 0.930 50%0.47
15013020210000 2053 8599-0917
2 01N - 0.320 50%0.16
15011510050000 2 01N - 0.310 0%0.00
15011510080000 2 01N - 0.490 69%0.34
15011510200000 2 01H - 0.360 69%0.25
15011510090000 2 01N - 0.500 0%0.00
15011510100000 2 01N - 0.880 0%0.00
15011510110000 2 01N - 0.110 0%0.00
15011510120000 2 01N - 0.260 0%0.00
15011510130000 2 01N - 0.130 0%0.00
15011510140000 2 01N - 0.130 0%0.00
15011520120000 2 01N - 0.110 0%0.00
15011520130000 2 01N - 0.130 0%0.00
15011520140000 2 01N - 0.130 0%0.00
15011530120000 46, PLAT A, SLC SUR;W 5 RDS; S 20 RDS; E 6 RDS; N 20 RDS; W 1 RD TO BEG. 3.24 ACM OR L. 6973-2960
2 01N 6,116,100 3.240 0%0.00
15013020070000 2 01N - 0.630 95%0.60
15013020080000 2 01N - 0.480 95%0.46
15013020090000 2 01N - 0.160 95%0.15
15013020100000 2 01N - 0.180 95%0.17
15013020110000 2 01N - 0.140 95%0.13
15013020130000 2 01N - 0.160 95%0.15
15013020220000 8599-0917
2 01N - 1.250 92%1.15
15011080350000 1 01N 4,044,865 0.380 100%0.38
15011510190000 165.00 FT; W 113.50 FT; N 165.00 FT TO BEG. (BEING PT OF LOT 5, BLK 63, PLAT A, SLC SUR).
2 01N 5,617,920 0.430 100%0.43
15011510150000 WITH 4 FT STRIP VACATED ST ABUTTING ON W. 7183-1759 1763 8681-2569 09799-6817
2 01N 6,093,120 0.460 100%0.46
15011080340000 MCCARTHEYS 1S 0104LOT 3, MCCARTHEY'S SUB. 10332-9309 10469-2695 10753-0416
1 01N 17,342,985 1.240 100%1.24
15011080370000 1 01N 18,753,161 0.590 95%0.56
15011780020000 1 01N 11,613,470 1.170 100%1.17
15013790180000 2 02A 895,100 0.370 75%0.28
15013790200000 0^01' W 42.89 FT TO BEG. 8665-1132
2 02A 602,500 0.260 75%0.20
15013790240000 2 02A 1,938,400 0.890 75%0.67
15011520240000 2 01N 2,520,197 0.290 95%0.28
15121070010000 1 13 15,113,900 5.110 0%0.00
15011030100000 FT M OR L TO BEG.7026-1564 9272-3163 9595-9152 9601-8556 10358-1035 10555-8494
2 01P 372,900 0.160 75%0.12
15011030050000 2 01P - 0.080 75%0.06
15011030060000 2 01P 272,200 0.060 75%0.05
15011030130000 FT; S 165 FT TO BEG. 4932-0842 7026-1564 09528-0835
2 01P 116,300 0.100 75%0.08
15011030170000 2 01P - 0.130 75%0.10
15011030200000 2 01P - 0.100 75%0.08
15011030210000 0.37 AC M OR L. 5530-1460 5648-0129 8511-4748 9648-8971 9671-0001
2 01P - 0.370 75%0.28
15011030220000 S 330 FT TO BEG. 0.50 AC M OR L. 4801-0763 6061-1524 8511-4746 9648-8971 9671-0001
2 01P - 0.500 75%0.38
15011030230000 0.34 AC M OR L. 5530-1460 5648-0129 8511-4747 9648-8971 9671-0001
2 01P - 0.340 75%0.26
15011040130000 165 FT TO BEG. 0.31 AC M OR L. 3927-0114 6597-0906,0907 9079-3271,3274 9648-8971 9671-0001
2 01P - 0.310 75%0.23
15011040140000 FT TO BEG. 0.27 AC M OR L. 3927-0114 6597-0906,0907 9079-3271,3274 9648-8971 9671-0001
2 01P - 0.270 75%0.20
15011040150000 W 20 FT TO BEG. 0.08 AC M OR L. 6654-2203 8834-4656 9079-3271,3274 9648-8971 9671-0001
2 01P - 0.080 75%0.06
15011040160000 290.14 FT; N 89^58'14" E 165.10 FT; S 0^01' E 290.13 FT TO BEG.
2 01P 3,360,200 1.100 75%0.83
15013040010000
15011070080000 2 01N 1,116,800 0.280 75%0.21
15011070090000 2 01N 503,300 0.120 75%0.09
15011070220000 280.38 FT TO BEG. 0.0348 AC
2 01N - 0.030 75%0.02
15011070340000 FT; N 165 FT TO BEG. 0.20 AC M OR L. 5225-0800 5652-0863 5783-1185,1188 9648-8976 9671-0001
2 01N - 0.200 75%0.15
15011070350000 165 FT TO BEG. 0.01 AC M OR L. 5225-0800 5652-0863 5783-1185 THRU 1191 9671-0001
2 01N - 0.010 75%0.01
15011070360000 9671-0001
2 01N - 0.160 75%0.12
15011070370000 9671-0001
2 01N - 0.160 75%0.12
15011070380000 AC M OR L. 4768-0154 6042-2712 9648-8976 9671-0001
2 01N - 0.340 75%0.26
15011070390000 FT; N 165 FT TO BEG. 0.19 AC M OR L. 4768-0154 6042-2712 9648-8976 9671-0001
2 01N - 0.190 75%0.14
15011070400000 8976 9671-0001
2 01N - 0.220 75%0.17
15011070410000 132 FT TO BEG. LESS RR. 0.25 AC M OR L. 5652-0863 5783-1185,1188 9648-8976 9671-0001
2 01N - 0.250 75%0.19
15011070420000 82.50 FT TO BEG. 0.25 AC M OR L. 5652-0863 5783-1185,1188 9648-8976 9671-0001
2 01N - 0.250 75%0.19
15011080110000 1 01N 216,200 0.060 75%0.05
15011080120000 1 01N 1,089,100 0.170 75%0.13
15011080130000 1 01N 232,600 0.120 75%0.09
15013030010000 2 13 600,900 0.310 65%0.20
15013030020000 2 13 252,000 0.130 65%0.08
15013030030000 2 13 368,300 0.190 65%0.12
15013030040000 2 13 368,300 0.190 65%0.12
15013030050000 2 13 232,600 0.120 65%0.08
15013030060000 2 13 69,800 0.060 65%0.04
15013030070000 2 13 290,800 0.250 65%0.16
15013030080000 2 13 197,700 0.170 65%0.11
15013030090000 2 13 93,100 0.080 65%0.05
15013030100000 2 13 2,244,900 0.240 65%0.16
15013030110000 REV TRUST)
2 13 373,300 0.120 65%0.08
15013030150000 2 13 187,900 0.160 65%0.10
15013030160000 2 13 186,100 0.160 65%0.10
15013030170000 2 13 2,677,200 1.620 65%1.05
15013030180000 2 13 467,300 0.400 65%0.26
15013040030000 409COM AT SE COR LOT 7 BLK 45 PLAT A SLC SUR N 5.5 RDS W 16 RDSS 5.5 RDS E 16 RDS TO BEG 6052-0377
2 13 1,078,200 0.550 65%0.36
15013040040000 0396 6253-2476
2 13 759,500 0.610 65%0.40
15013040070000 5151
2 13 2,264,100 1.890 65%1.23
15013300070000 1 13 1,842,800 0.750 65%0.49
15013300080000 1 13 2,091,700 1.120 65%0.73
15013520060000 1 13 1,193,700 0.310 65%0.20
15013520070000 1 13 142,100 0.150 65%0.10
15013520100000 1 13 397,900 0.420 65%0.27
15013520190000 1791 5655-1795 6241-1302 7872-0699 7879-1326 09539-3217 10835-1822 11222-8833
1 13 992,100 0.160 65%0.10
15013520200000 1 13 252,600 0.160 65%0.10
15013520210000 1 13 300,000 0.190 65%0.12
15013520220000 5567-1886 6331-497 6331-0498 7872-0699 7879-1326 09539-3217 10835-1822 11222-8833
1 13 151,600 0.160 65%0.10
15013520230000 1 13 1,945,400 0.590 65%0.38
15013520310000 FT; W 82.5 FT;S 330 FT; W 82.5 FT TO BEG. 5872-2748 THRU 2750 7554-1939 10196-6017
1 13 2,599,900 2.170 65%1.41
15013520370000 1 13 369,500 0.390 65%0.25
15013520380000 1 13 3,178,600 2.490 65%1.62
15014040050000 1 13 1,952,300 0.610 65%0.40
15014040060000 1 13 2,742,100 0.850 65%0.55
15015010370000 W 61.2 FT; W 10.4 FTM OR L; S 330 FT TO BEG.
2 01N - 0.500 75%0.38
15121270130000 2 02A 2,983,900 1.370 65%0.89
15013540050000 SIXTH SOUTH COMMERCIAL 1S 0501LOT 2, SIXTH SOUTH COMMERCIAL SUB 10517-1225 10680-3758
1 13 1,688,000 1.020 65%0.66
15013540010000 1 13 4,931,100 1.640 65%1.07
15011520230000 89^53'08" E 348.62 FT; N 0^03'32" W 165.07 FT TO BEG. 08367-3456
2 01N 4,964,352 1.320 95%1.25
15013290010000
15013290020000 0002
1 13 100,100 0.040 83%0.03
15013290030000 1 13 3,141,600 2.330 83%1.93
15013290060000
15013290070000
15013290080000
15013300090000 1 13 1,854,400 0.560 65%0.36
15013300100000 1 13 77,000 0.050 65%0.03
15013300110000 1 13 - 0.130 65%0.08
15013300170000 1 13 32,000 0.010 65%0.01
15013300190000 1 13 64,000 0.020 65%0.01
15013300230000 1 13 2,924,200 0.500 65%0.33
15013300240000 1 13 1,851,200 0.570 65%0.37
15013780080000 1 13 32,000 0.010 65%0.01
15013780070000 1 13 732,200 0.140 65%0.09
15013780280000 1 13 7,909,220 0.440 65%0.29
15013780290000 BLK 30, PLAT A, SLC SUR). 10944-2135
1 13 452,700 0.480 65%0.31
15013780300000 1 13 1,251,700 0.350 65%0.23
15014040070000 1 13 3,395,200 1.050 65%0.68
15014040080000 1 13 192,100 0.060 65%0.04
15014040110000 1 13 512,300 0.160 65%0.10
15014040120000 1 13 3,591,100 0.870 65%0.57
15013780270000 1 13 16,064,100 3.110 0%0.00
15013760100000
15013760020000 1 - 0.000 57%0.00
15013760040000 1 13 3,067,100 0.310 57%0.18
15013760050000 1 - 0.000 57%0.00
15013760060000 1 - 0.000 57%0.00
15013760070000 1 - 0.000 57%0.00
15013760090000
15013770080000 1 13 862,700 0.220 57%0.13
15013770090000 1 13 815,700 0.220 57%0.13
15013770100000 1 13 749,600 0.190 57%0.11
15013770110000 1 13 999,000 0.630 57%0.36
15013770130000 1 13 4,629,600 0.960 57%0.55
15013770140000 1 13 742,500 0.210 57%0.12
15013770160000 214LOT 8, BLK 29, PLAT A, SLC SUR. 6239-2407 9035-6727,6830 09080-0001
1 13 1,764,100 1.250 57%0.72
15013770170000 BLK 029 PLAT A P 0627LOTS 2 & 3, BLK 29, PLAT A, SLC SUR. 10814-5642
1 13 4,247,000 2.500 57%1.44
15013770120000 10392-6075
1 13 4,035,460 0.630 57%0.36
15013260020000 1 01N 3,328,900 0.510 100%0.51
15013260080000 1 01N 368,500 0.180 100%0.18
15013260090000 1 01N 821,535 0.900 100%0.90
15011530130000 2 01N - 0.739 0%0.00
15011530040000 2 01N - 0.180 0%0.00
15011530050000 2 01N - 0.160 0%0.00
15011530060000 2 01N - 0.130 0%0.00
15011530090000 8218-0001 8359-2106
2 01N - 0.590 0%0.00
15011530100000 150 FT TO BEG. 3914-0131 5036-0001 5117-1156 5686-0645 7389-1673 8599-0917
2 01N - 0.190 0%0.00
15011530110000 6411-1796 7389-1673 8599-0917
2 01N - 0.060 0%0.00
15011070240000 2 01N - 7.290 50%3.65
15011090062000 2 01P - 11.300 100%11.30
15022780120000 2 01P - 7.200 0%0.00
TOTALS:262,744,538 116.71 69.79
Attachment B
Development Details + Absorption Schedule
Salt Lake Central Station HTRZ
Development Details & Absorption Schedule Commercial:Yes 80%
Unit Types # Stories (Y:0,N:1)Inflation Residential Commercial Phase
Today's Dollars per
Unit or
Cost ($)
YR Built Dollars per
Unit or
Cost ($)
SF (if non-res)Cost Assessed Value Land Use
Block 1: Central West Apartments: MF 6 1 2.00%Yes No 55%
6 1 2.00%Yes No 55%1 350,000 33,594 65 22,750,000 5,617,920 Residential/MF
1 1 2.00%Yes No 55%1 55,000 120,000 34 1,870,000 Parking
3 1 2.00%Yes No 55%1 350,000 18 6,300,000 Residential/MF
3 1 2.00%No Yes 80%1 175 20,000 20,000 3,500,000 Commercial
4 1 2.00%Yes No 55%1 320,000 13 4,160,000 Residential/MF
1 1 2.00%No Yes 80%1 175 40,000 40,000 7,000,000 Commercial
3 1 2.00%Yes No 55%1 302,807 62 18,774,027 10,325,715 Residential/MF
1 1 2.00%No Yes 80%1 150 40,000 40,000 6,000,000 Commercial
1 2.00%Yes No 55%1 55,000 120,000 - - Parking
5 1 2.00%Yes No 55%1 400,000 400,000 203 81,200,000 44,660,000 Residential/MF
2 1 2.00%Yes No 55%1 55,000 120,000 123 6,765,000 3,720,750 Parking
6 1 2.00%Yes No 55%1 400,000 150 60,000,000 18,753,161 Residential/MF
1 1 2.00%No Yes 80%1 250 1,000 1,000 250,000 Commercial
2 1 2.00%Yes No 55%1 55,000 120,000 123 6,765,000 3,720,750 Parking
5 1 2.00%Yes No 55%1 400,000 288 115,200,000 63,360,000 Residential/MF
2 1 2.00%Yes No 55%1 55,000 120,000 373 20,515,000 11,283,250 Parking
5 1 2.00%Yes No 55%1 400,000 205 82,000,000 45,100,000 Residential/MF
2 1 2.00%No Yes 80%1 59,000 57,400 144 8,466,500 6,773,200 Parking
5 1 2.00%Yes No 55%1 375,000 220 82,500,000 45,375,000 Residential/MF
2 1 2.00%Yes No 55%1 55,000 120,000 123 6,765,000 3,720,750 Parking
6 1 2.00%Yes No 55%1 230,000 61 14,030,000 4,044,865 Residential/MF
1 2.00%Yes No 55%1 400,000 412,000.0 394 162,333,933 89,283,663 Residential/MF
1 2.00%No Yes 80%1 600 618.0 312,691 312,691 193,243,102 154,594,482 Office
1 2.00%No Yes 80%1 450 463.5 26,058 26,058 12,077,694 9,662,155 Commercial
1 2.00%Yes No 55%1 400,000 412,000.0 16 6,575,520 3,616,536 Residential/MF
1 2.00%No Yes 80%1 600 618.0 7,318 7,318 4,522,573 3,618,059 Office
1 2.00%No Yes 80%1 450 463.5 915 915 423,991 339,193 Commercial
1 2.00%Yes No 55%1 400,000 412,000.0 132 54,219,859 29,820,923 Residential/MF
1 2.00%No Yes 80%1 600 618.0 104,439 104,439 64,543,584 51,634,867 Office
1 2.00%No Yes 80%1 450 463.5 5,802 5,802 2,689,316 2,151,453 Commercial
1 2.00%No Yes 80%1 325 355 123,500 123,500 43,859,330 35,087,464 Commercial
1 2.00%Yes No 55%1 325,000 355,136 661 234,745,078 129,109,793 Residential/MF
1 2.00%No Yes 80%1 20,000 21,855 785 17,155,814 13,724,651 Parking
1 2.00%Yes No 55%1 300,000 327,818 520 170,465,412 93,755,977 Residential/MF
1 2.00%No Yes 80%1 350 382 123,500 123,500 47,233,125 37,786,500 Commercial
1 2.00%No Yes 80%1 350,000 382,454 150 57,368,168 45,894,534 Hotel
1 2.00%No Yes 80%1 350 382 200,000 200,000 76,490,890 61,192,712 Office
1 2.00%No Yes 80%1 558 610 23,000 23,000 14,024,058 11,219,247 Commercial
1 2.00%No Yes 80%1 45,000 49,173 842 41,403,426 33,122,741 Parking
1 2.00%No Yes 80%1 350 382 353,000 353,000 135,006,421 108,005,137 Office
1 2.00%No Yes 80%1 681 744 40,000 40,000 29,765,883 23,812,707 Office
38 1 2.00%Yes No 55%2 400,000 437,091 542,000 590 257,783,693 141,781,031 Residential/MF
1 2.00%No Yes 80%2 55,000 60,100 120,000 300 18,029,996 14,423,996 Parking
1 2.00%No Yes 80%2 350 382 23,000 23,000 8,796,452 7,037,162 Commercial
1 2.00%No Yes 80%2 250 273 16,000 16,000 4,370,908 3,496,726 Makers Space
3 0 2.00%No Yes 80%2 - 110,000 32,000,000 - Climbing Gym
2 1 2.00%No Yes 80%2 650 710 5,000 5,000 3,551,363 2,841,090 Commercial
1 0 2.00%No Yes 80%2 650 710 5,000 5,000 3,551,363 - Office
6 1 2.00%No Yes 80%2 55,000 60,100 34,000 510 30,650,992 24,520,794 Parking
1 1 2.00%No Yes 80%2 350 382 14,000 14,000 5,354,362 4,283,490 Commercial
12 1 2.00%Yes No 55%2 400,000 437,091 156,000 170 74,196,044 40,807,824 Residential/MF
17 1 2.00%Yes No 55%2 400,000 437,091 309,000 336 146,965,242 80,830,883 Residential/MF
7 1 2.00%No Yes 80%2 300,000 327,818 86,000 215 70,480,892 56,384,713 Parking
1 2.00%No Yes 80%2 350 382 7,000 7,000 2,677,181 2,141,745 Commercial
11 1 2.00%No Yes 80%2 350 382 316,000 316,000 120,855,606 96,684,485 Office
1 2.00%No Yes 80%2 350 382 27,000 27,000 10,326,270 8,261,016 Commercial
1 2.00%No Yes 80%2 350 382 8,000 8,000 3,059,636 2,447,708 Makers Space
21 1 2.00%No Yes 80%2 350 382 524,000 524,000 200,406,132 160,324,905 Office
1 2.00%No Yes 80%2 350 382 27,000 27,000 10,326,270 8,261,016 Commercial
1 2.00%No Yes 80%2 350 382 8,000 8,000 3,059,636 2,447,708 Makers Space
14 1 2.00%No Yes 80%2 550 601 318,500 318,500 191,418,452 153,134,762 Office
10 1 2.00%No Yes 80%2 350,000 382,454 175 66,929,529 53,543,623 Hotel
1 2.00%No Yes 80%2 350 382 27,000 27,000 10,326,270 8,261,016 Makers Space
18 1 2.00%No Yes 80%2 350 382 179,000 179,000 68,459,347 54,767,477 Office
11 0 2.00%Yes No 55%2 400,000 437,091 212,000 231 100,830,522 - Residential/MF
1 2.00%Yes No 55%2 450 492 82,000 82,000 40,321,626 22,176,894 Office
5 1 2.00%No Yes 80%2 558 628 285,000 285,000 178,989,666 143,191,733 Office
1 1 2.00%No Yes 80%2 558 628 23,000 23,000 14,444,780 11,555,824 Commercial
1 0 2.00%No Yes 80%2 558 628 13,500 13,500 8,478,458 - Not public information
3 1 2.00%No Yes 80%2 59,000 66,405 188,000 600 39,843,012 31,874,409 Parking
0 0 2.00%No Yes 80%2 125 141 50,000 50,000 7,034,430 - Not public information
0 0 2.00%No Yes 80%2 125 141 75,000 75,000 10,551,645 - Not public information
1 2.00%Yes No 55%2 400,000 463,710 309,000 350 162,298,370 89,264,104 Residential/MF
1 2.00%No Yes 80%2 59,000 68,397 160,000 435 29,752,769 23,802,215 Parking
3 1 2.00%No Yes 80%2 558 628 70,000.00 70,000.00 43,962,374 35,169,899 Office
3 1 2.00%No Yes 80%2 59,000 66,405 150,000 420 27,890,108 22,312,087 Parking
3 1 2.00%No Yes 80%2 558 666 94,000.00 94,000.00 62,630,431 50,104,345 Office
1 1 2.00%No Yes 80%2 558 666 2,600.00 2,600 1,732,331 1,385,865 Commercial
2 1 2.00%No Yes 80%2 59,000 70,449 94,000 122 8,594,788 6,875,831 Parking
1 2.00%Yes No 55%2 400,000 477,621 309,000 106 50,627,817 27,845,300 Residential/MF
1 2.00%No Yes 80%2 59,000 70,449 160,000 90 6,340,418 5,072,334 Parking
1 2.00%Yes No 55%2 400,000 477,621 309,000 110 52,538,301 28,896,066 Residential/MF
1 2.00%No Yes 80%2 59,000 70,449 90,000 95 6,692,663 5,354,130 Parking
1 2.00%Yes No 55%2 400,000 506,708 309,000 200 101,341,607 55,737,884 Residential/MF
1 2.00%No Yes 80%2 59,000 74,739 90,000 169 12,630,964 10,104,772 Parking
1 2.00%Yes No 55%2 400,000 450203.524 341 153,367,413 84,352,077 Residential/MF
1 2.00%No Yes 80%2 600 675 270,351 270,351 182,569,314 146,055,451 Office
1 2.00%No Yes 80%2 450 506 16,492 16,492 8,352,758 6,682,206 Commercial
1 2.00%Yes No 55%2 400,000 450,204 288 129,539,761 71,246,869 Residential/MF
1 2.00%No Yes 80%2 600 675 131,935 131,935 89,096,084 71,276,867 Office
1 2.00%No Yes 80%
Salt Lake Central Station HTRZ
Development Summary
PHASE 1 Units Construction Cost Assessed Value
Residential Units 3,073 1,138,978,829 588,916,672
Commercial SF 403,775 137,057,514 96,246,011
Office SF 1,017,449 503,572,454 402,857,963
Hotel Rooms 150 57,368,168 45,894,534
Structure Park Stalls 2,547 109,705,740 76,066,092
PHASE 1 TOTAL 1,946,682,704 1,209,981,272
PHASE 2 Units Construction Cost Assessed Value
Residential Units 2,721 1,229,488,770 620,762,037
No Assessed Value (Public/UTA/Non profit/etc)58,064,533 -
Commercial SF 161,584 73,914,526 59,131,621
Makers Space 59,000 20,816,449 16,653,159
Office SF 2,275,785 1,182,260,395 932,886,819
Hotel Rooms 175 66,929,529 53,543,623
Structure Park Stalls 2,956 250,906,602 200,725,282
PHASE 2 TOTAL 2,882,380,804 1,883,702,541
TOTAL (ALL PHASES)Units Construction Cost Assessed Value
Residential Units 5,793 2,368,467,599 1,209,678,708
No Assessed Value (Public/UTA/Non profit/etc)58,064,533 -
Commercial SF 565,358 210,972,040 155,377,632
Makers Space 59,000 20,816,449 16,653,159
Office SF 3,293,234 1,685,832,849 1,335,744,782
Hotel Rooms 325 124,297,696 99,438,157
Structure Park Stalls 5,503 360,612,342 276,791,374
TOTAL 4,829,063,508 3,093,683,813
Attachment C
Property Tax Increment Budget + Base Year Values
REDEVELOPMENT AGENCY OF SALT LAKE CITY 4%
Rate Rate Rate Participation: Phase III
Property Tax Increment Budget 80%80%80%80%80%
INCREMENTAL PROPERTY TAX ANALYSIS:YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Phase 1 Assessed Value 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272 1,209,981,272
Phase 2 Assessed Value 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541 1,883,702,541
Projected Total Assessed Value 1,209,981,272 1,209,981,272 1,209,981,272 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813 3,093,683,813
Phase 1 Base Year Value (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) (199,610,301) - - -
Phase 2 Base Year Value - - - (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237) (63,134,237)
(Less Total Base Year Value)(199,610,301) (199,610,301) (199,610,301) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (262,744,538) (63,134,237) (63,134,237) (63,134,237)
TOTAL INCREMENTAL VALUE:1,010,370,971 1,010,370,971 1,010,370,971 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 2,830,939,275 3,030,549,576 3,030,549,576 3,030,549,576
Tax Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Incremental Property Tax by Taxing Entity 2023 TOTALS NPV (4%)
Salt Lake County 0.001394 1,408,457 1,408,457 1,408,457 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 3,946,329 4,224,586 4,224,586 4,224,586 103,718,375 59,004,770
Salt Lake City School District 0.003964 4,005,111 4,005,111 4,005,111 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 11,221,843 12,013,099 12,013,099 12,013,099 294,935,179 167,786,877
Salt Lake City 0.003012 3,043,237 3,043,237 3,043,237 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 8,526,789 9,128,015 9,128,015 9,128,015 224,103,118 127,490,937
Salt Lake City Library 0.000587 593,088 593,088 593,088 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,661,761 1,778,933 1,778,933 1,778,933 43,674,811 24,846,341
Salt Lake Metropolitan Water District -Salt Lake 0.000200 202,074 202,074 202,074 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 566,188 606,110 606,110 606,110 14,880,685 8,465,534
Salt Lake City Mosquito Abatement District 0.000159 160,649 160,649 160,649 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 450,119 481,857 481,857 481,857 11,830,145 6,730,099
Central Utah Water Conservancy District 0.000400 404,148 404,148 404,148 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,132,376 1,212,220 1,212,220 1,212,220 29,761,370 16,931,067
TOTAL INCREMENTAL PROPERTY TAX:0.009716 9,816,764 9,816,764 9,816,764 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 27,505,406 29,444,820 29,444,820 29,444,820 722,903,684 411,255,625
Property Tax Participation Rate by Taxing Entity
Salt Lake County 80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%80%
Property Tax Increment Participation by Taxing Entity YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 TOTALS NPV
Salt Lake County 1,126,766 1,126,766 1,126,766 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,157,063 3,379,669 3,379,669 3,379,669 82,974,700 47,203,816
Salt Lake City School District 3,204,088 3,204,088 3,204,088 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 8,977,475 9,610,479 9,610,479 9,610,479 235,948,144 134,229,502
Salt Lake City 2,434,590 2,434,590 2,434,590 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 6,821,431 7,302,412 7,302,412 7,302,412 179,282,495 101,992,750
Salt Lake City Library 474,470 474,470 474,470 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,329,409 1,423,146 1,423,146 1,423,146 34,939,849 19,877,073
Salt Lake Metropolitan Water District -Salt Lake 161,659 161,659 161,659 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 452,950 484,888 484,888 484,888 11,904,548 6,772,427
Salt Lake City Mosquito Abatement District 128,519 128,519 128,519 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 360,095 385,486 385,486 385,486 9,464,116 5,384,079
Central Utah Water Conservancy District 323,319 323,319 323,319 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 905,901 969,776 969,776 969,776 23,809,096 13,544,854
TOTAL PROPERTY TAX INCREMENT FOR BUDGET: 7,853,411 7,853,411 7,853,411 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 23,555,856 23,555,856 23,555,856 578,322,947 329,004,500
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 TOTALS NPV
Admin Fee 2%157,068 157,068 157,068 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 440,086 471,117 471,117 471,117 11,566,459 6,580,090
HTRZ Development Activities 98%7,696,343 7,696,343 7,696,343 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 21,564,238 23,084,739 23,084,739 23,084,739 566,756,488 322,424,410
TOTAL USE OF TAX INCREMENT FUNDS:7,853,411 7,853,411 7,853,411 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 22,004,325 23,555,856 23,555,856 23,555,856 578,322,947 329,004,500
Salt Lake Central Station HTRZ
Base Year Value
Base Year Value by Tax Area TY2024 TY2024
13 137,259,296.00$ 1 199,610,301.00$
114,943,742.00$ 2 63,134,237.00$
4,121,600.00$
Total Base Year
Property Value 262,744,538$
02A 6,419,900.00$
Total Base Year Property Value 262,744,538$ TRUE
NOTE: Taxing entities and tax rates are the same for all included tax districts.TRUE
BASE YEAR VALUE Tax Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 -1 -1 -1
Base Year Taxable Value by Phase Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
Phase 1 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301 199,610,301
63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237 63,134,237
TOTAL BASE YEAR VALUE:199,610,301 199,610,301 199,610,301 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 262,744,538 63,134,237 63,134,237 63,134,237
Tax Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
2023 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
Salt Lake County 0.001394 278,257 278,257 278,257 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 366,266 88,009 88,009 88,009
0.003964 791,255 791,255 791,255 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 1,041,519 250,264 250,264 250,264
0.003012 601,226 601,226 601,226 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 791,387 190,160 190,160 190,160
0.000587 117,171 117,171 117,171 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 154,231 37,060 37,060 37,060
0.000200 39,922 39,922 39,922 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 52,549 12,627 12,627 12,627
0.000159 31,738 31,738 31,738 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 41,776 10,038 10,038 10,038
0.000400 79,844 79,844 79,844 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 105,098 25,254 25,254 25,254
TOTAL BASE YEAR PROPERTY TAXES:0.009716 1,939,414 1,939,414 1,939,414 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 2,552,826 613,412 613,412 613,412
Attachment D
Affordable Housing Gap Analysis
Salt Lake Central Station HTRZ
Affordable Housing Gap Analysis Make sure term accounts for all phases.
Assumptions & Summary Monthly Rent
Multifamily Average Rent (Cushman & Wakefield 2023 Multifamily Report)$23,800 $1,983 <-- Weighted ave of all unit types is $2,058, 1 bdrm is: $1514. CBRE ave for SLCity is $1,555. Still higher than the 80% AMI for SL County.
2024 SL County 60% AMI, 1 Bedroom Rent Limit (NOVOGRADAC)$15,588 $1,299 <-- Make sure the 80s & 60s flow through correctly
2024 SL County 80% AMI, 1 Bedroom Rent Limit (NOVOGRADAC)$20,796 $1,733 Include the quote from CBRE re: 20%-42% higher lingo to justify rent. Take market rate x by 20-42% to increase the market rate rent for the analysis
Total Residential Units 5,793
80% AMI Affordable Housing Component (%)9.0%
Affordable Units: 80% AMI (#)521
60% AMI Affordable Housing Component (%)3.0%
Affordable Units: 60% AMI (#)174
Total Affordable Units (Private Development & Public Benefit)695 Total over Project
Residential Vacancy Rate (Cushman & Wakefield 2023)2.50% Term Years
Average Annual Affordable Housing Rent Gap $4,209,813 $105,245,318
Additional Assumptions
Rent Growth (HDLP Submissions)3.0%
Average Household Size (Census, 2022 ACS 1 YR Estimate, S1101)2.17
Time Indexed Rents ($)/SF
Base Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Market Rent per Unit per Year 23,800 24,514 25,250 26,007 26,787 27,591 28,419 29,271 30,149 31,054 31,985 32,945 33,933 34,951 36,000 37,080 38,192 39,338 40,518 41,734 42,986 44,275 45,603 46,972 48,381 49,832 51,327 52,867 54,453
60% AMI, 1 Bedroom Rent Limit 15,588 16,056 16,537 17,033 17,544 18,071 18,613 19,171 19,746 20,339 20,949 21,577 22,225 22,892 23,578 24,286 25,014 25,765 26,538 27,334 28,154 28,998 29,868 30,764 31,687 32,638 33,617 34,625 35,664
60% AMI Unit Gap per Unit per Year 8,212 8,458 8,712 8,974 9,243 9,520 9,806 10,100 10,403 10,715 11,036 11,367 11,708 12,060 12,422 12,794 13,178 13,573 13,981 14,400 14,832 15,277 15,735 16,207 16,693 17,194 17,710 18,241 18,789
80% AMI, 1 Bedroom Rent Limit 20,796 21,420 22,062 22,724 23,406 24,108 24,832 25,576 26,344 27,134 27,948 28,787 29,650 30,540 31,456 32,399 33,371 34,373 35,404 36,466 37,560 38,687 39,847 41,043 42,274 43,542 44,848 46,194 47,580
80% AMI Unit Gap per Unit per Year 3,004 3,094 3,187 3,283 3,381 3,483 3,587 3,695 3,805 3,920 4,037 4,158 4,283 4,412 4,544 4,680 4,821 4,965 5,114 5,268 5,426 5,588 5,756 5,929 6,107 6,290 6,479 6,673 6,873
Absorption Projections
2024 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Residential Units by Phase
Phase 1 Residential Units 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073
Phase 2 Residential Units 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721
Total Residential Units 3,073 3,073 3,073 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 2,721 2,721 2,721
Less: Vacancies:(77) (77) (77) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (145) (68) (68) (68)
Occupied Residential Units 2,996 2,996 2,996 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 5,649 2,653 2,653 2,653
Market Rate Units 2,636 2,636 2,636 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 2,334 2,334 2,334
60% AMI Units 90 90 90 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 169 80 80 80
80% AMI Units 270 270 270 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 508 239 239 239
Annual Rents by Affordability Type TOTAL
Market Rents at 100% of Occupied Units 5,268,361,649 73,438,347 75,641,497 77,910,742 151,309,661 155,848,951 160,524,420 165,340,152 170,300,357 175,409,368 180,671,649 186,091,798 191,674,552 197,424,789 203,347,532 209,447,958 215,731,397 222,203,339 228,869,439 235,735,522 242,807,588 250,091,816 257,594,570 265,322,407 273,282,080 281,480,542 136,161,369 140,246,210 144,453,596
Market Rents at 88% of Occupied Units 4,636,158,251 64,625,745 66,564,517 68,561,453 133,152,502 137,147,077 141,261,489 145,499,334 149,864,314 154,360,244 158,991,051 163,760,782 168,673,606 173,733,814 178,945,829 184,314,203 189,843,629 195,538,938 201,405,107 207,447,260 213,670,678 220,080,798 226,683,222 233,483,718 240,488,230 247,702,877 119,822,004 123,416,665 127,119,164
60% AMI Rents at 3% of Occupied Units 103,516,318 1,442,966 1,486,255 1,530,843 2,973,034 3,062,225 3,154,092 3,248,715 3,346,176 3,446,561 3,549,958 3,656,457 3,766,151 3,879,135 3,995,509 4,115,375 4,238,836 4,366,001 4,496,981 4,631,890 4,770,847 4,913,972 5,061,392 5,213,233 5,369,630 5,530,719 2,675,390 2,755,652 2,838,322
80% AMI Rents at 9% of Occupied Units 414,304,338 5,775,197 5,948,453 6,126,906 11,899,003 12,255,973 12,623,652 13,002,361 13,392,432 13,794,205 14,208,031 14,634,272 15,073,301 15,525,500 15,991,265 16,471,002 16,965,133 17,474,087 17,998,309 18,538,258 19,094,406 19,667,238 20,257,255 20,864,973 21,490,922 22,135,650 10,707,740 11,028,972 11,359,841
Total Affordable Rents 517,820,656 7,218,163 7,434,708 7,657,749 14,872,037 15,318,198 15,777,744 16,251,076 16,738,608 17,240,767 17,757,990 18,290,729 18,839,451 19,404,635 19,986,774 20,586,377 21,203,968 21,840,087 22,495,290 23,170,149 23,865,253 24,581,211 25,318,647 26,078,206 26,860,553 27,666,369 13,383,130 13,784,624 14,198,163
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Affordable Housing Rent Gap (Total Loss in Rents)114,382,742 1,594,439 1,642,272 1,691,540 3,285,123 3,383,676 3,485,187 3,589,742 3,697,434 3,808,357 3,922,608 4,040,286 4,161,495 4,286,340 4,414,930 4,547,378 4,683,799 4,824,313 4,969,043 5,118,114 5,271,657 5,429,807 5,592,701 5,760,482 5,933,297 6,111,296 2,956,234 3,044,921 3,136,269
Attachment E
Sales Tax Analysis
Salt Lake Central Station HTRZ
Sales Tax Analysis
Assumptions Retail Sales Tax Rates (Net Rate)
Commercial Sales per SF1 251.01$ State 4.850%
Buildout Commercial SF 565,358 Taxable Sales Base Year
Online Sales per Resident $2,301
Taxable Sales Base Year Value
(2023)19,742,787$
Additional Assumptions Overall City Sales Tax Revenue City Acreage
Annual Inflation 1.0%11,996,574,173$ 70,920
²2.17
HTRZ Proportion of 2023
Taxable Sales HTRZ Acreage Does not sum equally horizontally and vertically?
Residential Vacancy Rate (Cushman & Wakefield 2023)2.50%0.16%116.71
New Sales to State 30.0%
New Sales to County 50.0%
New Sales to City 50.0%
Time Indexed Sales ($)/SF Base Year YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Commercial (brick & mortar) Sales 251 254 256 259 261 264 266 269 272 275 277 280 283 286 289 291 294 297 300 303 306 309 312 316 319 322 325 328 332
Online Sales 2,301 2,324 2,347 2,370 2,394 2,418 2,442 2,467 2,491 2,516 2,541 2,567 2,593 2,618 2,645 2,671 2,698 2,725 2,752 2,780 2,807 2,835 2,864 2,892 2,921 2,951 2,980 3,010 3,040
Absorption Projections YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28
Phase 1 Residential Units - 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073 3,073
Phase 2 Residential Units - 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721 2,721
Total Residential Units - 3,073 3,073 3,073 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793 5,793
Vacant Units - 77 77 77 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145 145
HTRZ New Residents - 6,501 6,501 6,501 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257 12,257
Phase 1 Commercial Square Feet - 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775 403,775
Phase 2 Commercial Square Feet - 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584 161,584
¹(403,775) (403,775) (403,775)
Commercial Square Feet - 403,775 403,775 403,775 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 565,358 161,584 161,584 161,584
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 Total
Commercial Gross Taxable Sales - 102,364,963 103,388,612 104,422,499 147,672,693 149,149,420 150,640,915 152,147,324 153,668,797 155,205,485 156,757,540 158,325,115 159,908,366 161,507,450 163,122,524 164,753,750 166,401,287 168,065,300 169,745,953 171,443,413 173,157,847 174,889,425 176,638,319 178,404,703 180,188,750 181,990,637 52,534,440 53,059,784 53,590,382 4,083,145,693
Online Gross Taxable Sales - 15,106,322 15,257,385 15,409,959 29,346,407 29,639,872 29,936,270 30,235,633 30,537,989 30,843,369 31,151,803 31,463,321 31,777,954 32,095,734 32,416,691 32,740,858 33,068,266 33,398,949 33,732,939 34,070,268 34,410,971 34,755,080 35,102,631 35,453,658 35,808,194 36,166,276 36,527,939 36,893,218 37,262,150 874,610,106
Less Sales Tax Base Year (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787) (19,742,787)
Total Gross Taxable Sales - 97,728,497 98,903,210 100,089,670 157,276,314 159,046,505 160,834,398 162,640,170 164,463,999 166,306,067 168,166,556 170,045,649 171,943,533 173,860,397 175,796,428 177,751,821 179,726,767 181,721,462 183,736,105 185,770,894 187,826,030 189,901,719 191,998,164 194,115,573 196,254,157 198,414,126 69,319,592 70,210,216 71,109,746 4,938,013,012
Sales Tax Summary
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 YR 17 YR 18 YR 19 YR 20 YR 21 YR 22 YR 23 YR 24 YR 25 YR 26 YR 27 YR 28 Total
Sales & Use Tax Generation - 4,739,832 4,796,806 4,854,349 7,627,901 7,713,755 7,800,468 7,888,048 7,976,504 8,065,844 8,156,078 8,247,214 8,339,261 8,432,229 8,526,127 8,620,963 8,716,748 8,813,491 8,911,201 9,009,888 9,109,562 9,210,233 9,311,911 9,414,605 9,518,327 9,623,085 3,362,000 3,405,195 3,448,823 213,640,452
Percentage to TTIF 15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%15%
Total Sales Tax to TTIF - 710,975 719,521 728,152 1,144,185 1,157,063 1,170,070 1,183,207 1,196,476 1,209,877 1,223,412 1,237,082 1,250,889 1,264,834 1,278,919 1,293,144 1,307,512 1,322,024 1,336,680 1,351,483 1,366,434 1,381,535 1,396,787 1,412,191 1,427,749 1,443,463 504,300 510,779 517,323 32,046,068
Source: Utah Calendar Year Gross Taxable Sales and Purchases - 2023 Prepared by the Economics and Statistical Unit of the Utah State Tax Commission
Note 1: This is the annual commercial gross taxable sales compared to the estimated commercial square footage for Salt Lake City. 2023 taxable sales data was obtained from the State Tax Commission website.
Note 2: Census, 2022 ACS 1 YR Estimate, S1101 Households & Families
Kate Werrett
Kate.Werrett@slc.gov
Marcus Lee
Marcus.Lee@slc.gov
Ashley Ogden
Ashley.Ogden@slc.gov
Staff Contacts: