Salt Lake City

City Council

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NWQ, LLC Tax Increment Agreement FAQ

Timing / Transparency Questions

Posted on:August 26th, 2019
What exactly is the City Council is considering?" The action item is a resolution authorizing the Mayor to negotiate and execute a tax increment reimbursement agreement with the property owner, pursuant to the terms in the attached term sheet. The proposal before the Council is a product of the City’s efforts to implement the Northwest Quadrant Master Plan. Read more...

Public Benefit / Opinion Questions

Posted on:August 26th, 2019
I’ve heard there was a public benefit analysis, what is this? The developer did not hire the consultant or pay for the evaluation. The City paid for the public benefits analysis of this project, and selected the firm Lewis Young Robertson & Burmingham (LYRB) was chosen through a competitive Request For Proposals (RFP) process. Read more...

Project Details Questions

Posted on:August 26th, 2019
What is included in the project? The agreement currently before the Board is the first phase of development on land owned by NWQ LLC. It includes 375 of the approximately 1500 total developable acres[GC2] owned by NWQ LLC. The remaining 1500 acres of developable acreage is owned by Kennecott and governed by a separate development agreement. Read more....

Environmental Questions

Posted on:August 26th, 2019
How will this development impact wildlife habitat? It seems that the CRA created by the City favors development over preservation? In this Community Redevelopment Area (CRA), more than 4,000 out of the 7,000 acres of critical migratory bird habitat has been set aside from developable area as part of the Northwest Quadrant Master Plan. In addition, to the 4,000-acre natural area created, the parts of the project area within the eco-buffer area will be required to incorporate sustainable bird-friendly windows in the building design. Read more...

Financial / Tax increment Questions

Posted on:August 26th, 2019
Shouldn’t the City spend $28 million dollars on other community priorities like education, parks, public safety, and not this development? The City does not have $28 million in a bank waiting to be spent. The property owner is responsible to pay up to $52.5 million in property taxes over 20 years depending on the final assessed value of the project. Read more...

NWQ, LLC Tax Increment Fact Sheet

Posted on:August 26th, 2019
The Redevelopment Agency (RDA) Board will consider approving a resolution authorizing a property tax increment reimbursement of up to $28,000,000 to the developer, NWQ, LLC, over a 20-year term. The actual reimbursement amount will be paid to the developer yearly, and based on increment generated only by the project. Read more...