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HomeMy WebLinkAboutCouncil Provided Information - 10/14/2025Salt Lake Central Housing and Transit Reinvestment Zone Interlocal A greement October 14, 2025 HTRZ Objectives •Increased affordable housing •Higher utilization of public transit •Improved air quality •Water conservation •Transformative development •Walkability •Strategic land use •Investment in transit •Increased employment/educational/childcare opportunities Salt Lake City Community Reinvestment Agency HTRZ Requirements •Land use: 51% of developable HTRZ area must include residential uses. •Density: average of 50 units/acre. •Affordable housing: •3% of housing units must be affordable at 60% AMI. •Another 9% of housing units must be affordable at 80% AMI. •A total of 12% of units must be affordable within the HTRZ. •Reasonable percentage of units with more than one bedroom. Salt Lake City Community Reinvestment Agency Salt Lake Central HTRZ Map Salt Lake City Community Reinvestment Agency •Two phases of 25-years each. •116.71 acres total within ½-mile of SL Central Station. •Designed to support the Rio Grande district and invest in neighborhood-wide benefits like: •Enhanced utility and pedestrian infrastructure •Affordable housing •Efficient parking measures Salt Lake Central HTRZ Approval Terms Salt Lake City Community Reinvestment Agency HTRZ Committee Approved Terms: Salt Lake Central HTRZ Base Years Phase 1: 2025 Phase 2: 2028 Base Year Taxable Value Estimated at $262,744,538 Collection Period & Phasing Two 25-year phases within the 45-year collection term: •Phase 1 will begin no later than December 31, 2026 •Phase 2 will begin no later than December 31, 2029 Participation Rate 80% Contribution Cap $370,000,000 between both phases Tax Increment Eligible Uses Parking Affordable housing Enhanced residential costs Infrastructure improvements (i.e., streetscape and utility improvements) Participating Taxing Entities Salt Lake County Salt Lake City School District Salt Lake City Salt Lake City Library Salt Lake Metropolitan Water District Salt Lake City Mosquito Abatement District Central Utah Water Conservancy District Next Steps Salt Lake City Community Reinvestment Agency •The CRA will trigger Phase 1 before the end of 2025 and begin collecting tax increment in 2026. •The CRA will trigger Phase 2 before the end of 2028 and begin collecting tax increment in 2029. Salt Lake Central HTRZ Interlocal A greement Salt Lake City Community Reinvestment Agency Request: •Consider adopting a resolution approving the Salt Lake Central HTRZ interlocal agreement between the CRA and Salt L ake City to permit the sharing of tax increment funds. Questions?