City Board approved $370M funding for intermodal hub and affordable housing project

The Salt Lake City Community Reinvestment Agency (CRA) convened on May 13, 2025, to discuss several key initiatives and updates impacting the community. The meeting began with a significant announcement regarding the approval of the central station HTRZ project by the state HTRZ committee on May 1. This project, focused on the intermodal hub, has a budget cap of $370 million over 28 years, divided into two phases of 25 years each. Although this amount reflects a reduction from the original request of $550 million, the agency remains optimistic that the funding will adequately support planned projects, which include affordable housing, structured parking, and infrastructure improvements.

Next, the board received an update on the Ballpark mural program, a collaborative effort with the Arts Council to commission at least ten murals in the Ballpark neighborhood. A call for walls was issued last month, inviting property and business owners to apply for mural installations on their properties. Applications are open until May 15, 2025, and selected properties will be paired with artists from the Arts Council's prequalified pool.

The meeting also highlighted the recent grand opening of the Spark project on May 7, which took place at the former site of a motel. The project, developed by Brinshore Development, includes a mix of affordable housing units, with rents starting as low as $300 per month. The agency has secured financing for this initiative, which aims to provide a range of affordability from 20% to 80% of the area median income (AMI). Additionally, the project will prioritize residents from the neighborhood and is nearing confirmation of a commercial tenant, Star of India, for the first-floor space.

In conclusion, the CRA meeting underscored the agency's commitment to enhancing community development through strategic projects and partnerships, despite some funding challenges. The board plans to finalize an interlocal agreement between the CRA and the city as a next step in advancing these initiatives.