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Developer proposes LTDA to stabilize and redevelop Ogden’s Exchange Building; staff cite jobs and preservation goals
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Summary
Staff recommended a land transfer and development agreement to convey the Exchange Building to a developer, with proposed preconstruction incentives and a timeline to stabilize and rehabilitate the Art Deco structure. The project would host GMRE’s headquarters and is projected to create about 60 direct jobs and $17 million in economic impact, staff said.
Ogden staff recommended a land transfer and development agreement (LTDA) to convey the Exchange Building to 600 Exchange Building LLC for stabilization, historic rehabilitation and reuse, and presented a proposed timeline and estimated economic impact.
Kelly (staff) summarized the building’s history as a 9,500‑square‑foot Art Deco livestock exchange that has sat vacant and deteriorated. She said the city previously set aside roughly $1,000,000 for structural stabilization but that initial estimates exceeded that amount; staff recommended using those funds as incentives to pay preconstruction costs such as testing and architectural work.
The proposed developer partner is represented by Thane Fisher; the prospective tenant is GMRE (GOSS Management Research and Engineering), whose president, Parker Judd, has family ties to the historic stockyards. Kelly said the project could bring "about 60 direct jobs, high paying jobs to Ogden and combined with an estimated 45 additional non direct" jobs and estimated roughly $17 million in economic impact.
Council members asked about environmental and structural risk and the city’s indemnification exposure if previously unidentified contamination is found during excavation. Jared (staff) said the city has completed multiple environmental testing phases, entered a voluntary compliance process with the state, removed a previously identified leaking underground storage tank at a nearby site, and does not anticipate new contamination. Jared said the city can provide the existing environmental and structural reports to the council and that if new contamination were discovered during construction, the city — as the chain of custody for earlier work — would assist remediation, but staff said they do not expect significant new findings.
Staff outlined a development timeline: conveyance and closing within 30 days of approval, preconstruction/permitting milestones within six months, and core shell completion within 18 months of closing; structural stabilization and historic preservation work would begin immediately after approvals. Staff said they would continue due diligence and provide previously completed environmental and structural reports to council members on request.
