At Tuesday’s meetings:
- The Board approved a $3.3 million loan to CW Urban for a new housing development at 378 West 300 South named The Olive. The project would contain 120 condominium units in downtown, ranging in size from studios to two-bedroom units and penthouses. Board Members noted that while the project doesn’t specifically guarantee a level of affordability, The Olive would encourage home ownership in the downtown area at a variety of income levels.
- The Board received an update on the proposed redevelopment for the Utah Theater at 144 South Main Street and adjacent property. The theater is owned by the RDA, and property on either side of the building is owned by private developers who are proposing to redevelop all sites. RDA staff will continue to work with the developers to identify what public benefits would be included in the project if the property is sold, so the Board can make a final decision in the coming months. Board Members expressed concern about the theater’s history being represented in any building that would replace it, and encouraged RDA staff and the developers to detail ways that history would be represented and to make the building iconic in the City’s skyline and downtown.
- The Board approved the final step in the Notice of Funding Availability process to allocate $6.1 million for new affordable housing developments in the City. This will result in hundreds of new affordable units in the Salt Lake City market. The Board will continue to discuss options for encouraging affordable housing in high-opportunity areas of the City.
- The Council received a presentation on a study evaluating changes to the 900 South freeway ramp. This is one of the first steps in a long community process to evaluate any changes to the ramp that would help facilitate development in the area. The ramp is owned by UDOT, who participated in the study, though does not support any changes absent outside funding. No cost estimates have been determined for any potential changes to the ramp.
- The Council and the Board approved agreements that set the framework for how tax increment generated from the Block 67 North Project Area will be distributed between the City and the RDA. Block 67 is a City block bounded by 100 South, 200 South, 200 West and 300 West. The development would contain a residential, commercial and hotel complex, and an underground parking structure. Through these agreements, and the investment of this tax increment, the City is able to invest in reviving historic Japantown while embracing the increased activity a mixed-use development brings.
Visit the Council’s agenda page for meeting documents and video.