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Bluffdale RDA hears $5M-plus request for Centrum apartments, asks staff to draft participation contract
Summary
Developers requested just over $5 million in RDA support for a 308-unit Centrum apartment at Port Rockwell and 146 South, including a $3.4M net-present-value tax-increment ask and $1.8M pre-performance grant; the board asked staff to draft a participation agreement and return with options.
Jake, presenting to the Redevelopment Agency board, asked the agency for “a little over $5,000,000 in RDA funds” to support the Centrum project at Port Rockwell and 146 South and described the developer’s offer to deed-restrict 10% of units at 80% of area median income for 20 years.
The project, as presented, would deliver 308 units (about 24% studios, 46% one-bedroom and 30% two-bedroom units) with amenities including a pool, fitness rooms, theater, and pickleball courts. The presenter said comparable market rents average a little over $2,200 per month and that, using assumed growth rates (5% market, 3.6% subsidized), the cumulative lost rent from deed-restricting…
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