Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
CRA approves Pickle & Hide tax‑increment reimbursement with sustainability conditions and waivers
Loading...
Summary
The CRA board approved a tax‑increment reimbursement agreement for the Pickle & Hide mixed‑use redevelopment in the Granary District, granting reimbursement authority up to a staff‑estimated maximum while adding conditions for sustainability and historic preservation.
The Community Reinvestment Agency Board on March 18 approved a tax‑increment reimbursement agreement for the Pickle & Hide mixed‑use project in the city’s Granary District, contingent on conditions and additional sustainability commitments negotiated at the meeting.
Project summary and affordability Developer Blazer Ventures presented the Pickle & Hide redevelopment, located roughly at 800 South and 400 West. The multi‑phase project preserves two historic buildings (the Hides Building and Pickle Building), constructs a new multifamily building, and reconnects the block with a mid‑block public walkway. The development will total about 141 units; staff said 28 units will be affordable at 60% AMI and 26 units affordable at 80% AMI for a total of 54 deed‑restricted units.
Tax increment and requested terms Staff presented the project’s estimated gap and the HTRZ (Housing and Transit Reinvestment Zone) calculations. Over a 15‑year term, project‑level tax increment for the site is projected to generate about $8.8 million; CRA captures 80% of that increment and staff estimated the project could receive up to $6,090,000 (90% of the CRA share) over 15 years under the recommended reimbursement structure. The project team explained adaptive reuse increases construction costs (~$5 million) and lower cash flow from affordability reduces residual project value (~$6 million), driving the need for tax‑increment assistance. The developer also said a preferred equity investor requires TIF participation to proceed.
Policy waivers and sustainability tradeoffs The developer requested three waivers from CRA sustainability policy: (1) natural gas for two restaurant tenant spaces (developer provided tenant demand documentation); (2) a partial waiver on on‑site solar because rooftop capacity produces about 1% of estimated energy needs — staff recommended participation in an off‑site renewable program (Rocky Mountain Power’s Blue Sky) as an alternative; and (3) a 15‑year affordability deed‑restriction rather than the policy standard 30‑year deed restriction to align subsidy term with the reimbursement term. Staff recommended approval of the waivers with conditions described in the resolution.
Board amendment on landscaping and equipment During discussion, board members asked the developer to commit to water‑wise landscaping practices, smart irrigation controls, and — to the extent feasible — the use of zero‑emission landscaping equipment for maintenance. Blazer Ventures responded that required code already requires water‑wise landscaping and said the team would implement sustainability practices; the developer noted some landscaping contractors may not yet have all‑electric professional equipment but said the firm would pursue those measures.
Board vote A motion to approve the Pickle & Hide tax‑increment reimbursement agreement and requested waivers passed unanimously after an amendment that added the water‑wise landscaping, smart‑irrigation and zero‑emission equipment expectation.
Next steps Developer must submit required conservation plans, execute the mid‑block walkway easement and finalize energy‑efficiency details before reimbursement closing. Staff will negotiate final reimbursement timing and any additional conditions to memorialize the landscaping and equipment commitments.
