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Council briefed on plan to replace 8-unit site with 68 permanent supportive-housing units; city would release $2.4M reversionary interest
Summary
Administration asked the council to release a reversionary interest valued at about $2.4 million so Valley Behavioral Health can redevelop a city-conveyed property at 107 S 800 W from 8 units to 68 units of permanent supportive housing; the project includes on-site services and tax-credit financing with Utah Housing Corporation as lender.
Administration presented a public-benefit analysis and a proposed resolution to release Salt Lake City's reversionary interest in Valley Behavioral Health's property at 107 South 800 West. Staff said the reversionary interest is valued at approximately $2,400,000; releasing it would forfeit that value but allow redevelopment of an 8-unit building into a 68-unit permanent supportive housing project for people…
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