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CRA board approves Salt Lake Central Housing & Transit Reinvestment Zone interlocal agreement with 80% tax increment participation
Summary
The board approved an interlocal agreement to implement the Salt Lake Central Housing and Transit Reinvestment Zone (HTRZ). The HTRZ will collect an 80% tax‑increment participation rate with an aggregate cap of $370 million over a 28‑year period and requires 12% of units in project area developments be affordable at specified AMI levels.
The Salt Lake City Community Reinvestment Agency Board adopted a resolution approving the Salt Lake Central Housing and Transit Reinvestment Zone interlocal agreement, authorizing tax‑increment participation to support redevelopment in the Rio Grande district centered on Salt Lake Central Station.
Staff said the HTRZ plan approved by the state committee requires that 51% of the area include residential uses at a minimum average of 50 units per acre and that 12% of units in the zone be affordable (3% at 60% AMI and 9% at 80% AMI).…
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