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South Salt Lake weighs up to $30 million in RDA bonds and a new downtown zone to speed housing
Summary
City staff asked the council to consider issuing up to $30 million in tax-increment bonds to finance downtown housing projects and described a late-stage plan to create a new downtown zoning district tailored to a major Blazer development and other sites over five acres.
South Salt Lake city staff asked the City Council to consider authorizing the issuance of up to $30,000,000 in tax-increment bonds to support multiple downtown housing projects and outlined a parallel plan to create a new downtown zoning district tailored to a large Blazer development and similar sites.
In a high-level presentation, Jonathan Weidenhammer, community and economic development director, said the bond package is intended to “get our vertical going in the downtown” and to help move about 2,000 housing units currently planned for construction. He said the city would issue the debt in June and that the funds would likely be available in late June, with individual participation agreements for each project returning to council for approval.
The proposed financing would be a package of…
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