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RDA approves $5.5M participation for 80%‑AMI units at Independence at the Point
Summary
Bluffdale’s RDA approved a participation agreement with Dakota Pacific (Plentiful Way) to subsidize deed‑restricted apartments targeted to 80% AMI. The $5.5M allocation is staged by permit and completion and carries a 20‑year deed restriction with reporting and remedies for noncompliance.
At a special RDA session Nov. 12 the board approved a participation agreement to support an apartment project in the Independence master planned community that will include deed‑restricted units targeted at 80% of area median income (AMI). RDA staff said the agency will allocate up to $5.5 million (net present value basis) to the project in performance‑based tranches tied to permits, building completion and compliance reporting; the deed restriction and reporting obligations will run for 20 years.
Grant, RDA staff, said the subsidy is designed to close a financing…
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