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RDA packet: $500,475 to support 48‑unit dbUrban project with 24 deed‑restricted units
Summary
The Redevelopment Agency packet includes a Tax Increment Participation Agreement to deposit $500,475 into escrow to assist Dusty Baker Communities (dbUrban) with a 48‑unit mixed‑use project (24 deed‑restricted units, 17 parking stalls, and street‑tree requirements); the transcript records no vote or adoption date.
The Redevelopment Agency of South Salt Lake packet presents a draft Participation Agreement with Dusty Baker Communities, LLC (d/b/a dbUrban) for a mixed‑use project located at 2194 South West Temple. The project description in the packet lists 48 residential units, 17 structured parking stalls, 15 street trees in soil cells and murals as required elements.
The draft agreement would have the Agency deposit $500,475 into escrow for disbursement to the developer to reimburse eligible costs, subject to the usual escrow substantiation: invoices, lien waivers, proof of tax compliance and developer certifications. The packet requires that at least 24 of the 48 units be deed‑restricted as not more than 80% AMI housing for the life of the HTRZ collection period plus 10 years (estimated total of about 25 years after full assessment).
Packet financial details list an anticipated project cost of approximately $11,253,000 (the transcript contains an extra word 'million' after the dollar figure; the numeric amount is $11,253,000). The Agency's $500,475 deposit would be returned to the Agency if undisbursed within 10 days following the repayment deadline. Disbursement turnaround is stated as 15 days after the escrow holder deems a request complete; repayment is due within 90 days after the five‑year Required Improvements Deadline unless the developer substantially completes the required improvements earlier.
Legal provisions in the draft mirror the Agency’s standard terms: the Agency has budgeted limited funds for eligible costs; the City of South Salt Lake is not a party to the agreement; the Agency's obligations depend on the availability of tax‑increment revenues under state law. The packet lists Cherie Wood as Agency Executive Director authorized to execute the agreement. The provided transcript does not include a recorded vote or an adoption date for the resolution.
