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CRA approves Phase 4 NW Quadrant reimbursement to clear infrastructure hurdles for industrial development
Summary
The CRA board adopted a tax-increment reimbursement agreement for Phase 4 of the Northwest Quadrant development, a 25-acre infrastructure package with an estimated reimbursement cap of about $1.5 million; staff’s third-party analysis found improvements unlikely to proceed without the subsidy.
Salt Lake City’s Community Reinvestment Agency on March 10 approved a tax-increment reimbursement agreement for Phase 4 of the Northwest Quadrant master development, a 25-acre package of roadway, stormwater, earthwork and mitigation improvements intended to prepare the site for future light-industrial and logistics uses.
CRA staff said a third-party ‘‘but-for’’ analysis found the infrastructure and remediation work required to enable development…
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