HomeMy WebLinkAboutCouncil Provided Information - 10/14/2025CRA BOARD MEETING –OCTOBER 14, 2025
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
STRAW POLL FOR CONSTRUCTION-RELATED
SUPPLIES AND SERVICES AT 9-LINE PROPERTY
•The CRA requests a straw poll to approve the
use of
.
•During due diligence, the selected
development partner studied the site and
that prevent the site’s redevelopment.
•The assessment recommends remediation to
make the site suitable for the proposed
development.
FUNDING SOURCES
•There is currently no funding dedicated to this project.
•This straw poll would be the first allocation and fund the full expected cost of the site
work.
•To date, the Board has appropriated $4,894,410 to the 9 Line Project Area Fund
Strategic Intervention Program that has yet to allocate funding.
•If the Board approves the $600,000 for the construction related supplies and services,
the remaining balance of these appropriations would be $4,294,410.
Proposed Appropriation Existing Proposed
PRJ-000058
RDA-FY23-9L-Strategic Intervention-9L [Capital Reserves]$0 $23,586
RDA-FY24-9L-Strategic Intervention-9L [Capital Reserves]$0 $500,000
RDA-FY25-9L-Strategic Intervention-9L [Capital Reserves]$0 $76,414
Total Project Budget $0 $600,000
$600,000
•The CRA has determined that using CRA funds to will
and allow the CRA to sell its property at the
•If approved by the CRA Board of Directors through this straw poll, CRA staff will
procure a contractor to perform the necessary site work.
•If not funded through this straw poll, the developer would pay for the site work
using a construction loan which would increase project costs by nearly $200,000.
The developer has asked to discount the CRA’s land sale price accordingly.