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CRA board approves SiloPark tax-increment term sheet after developer concessions
Summary
The Salt Lake City CRA board approved a tax-increment reimbursement term sheet for the SiloPark development after staff and the developer revised the term sheet to reduce the reimbursement cap, strengthen public-benefit compliance, and prioritize participation in the city's community clean energy program.
The Salt Lake City Community Reinvestment Agency board on July 14 adopted a resolution approving a tax-increment reimbursement term sheet for the SiloPark development, a five-phase, 8.2-acre mixed-use project that will include 180 deed-restricted units for households at 60% area median income and roughly 560 market-rate or workforce units.
Christina, a CRA project presenter, told the board the project will contain “180 deed restricted affordable housing units, for households at 60% AMI and below, and 560 market rate or workforce housing units that will not be deed restricted.” She said the development also includes about 75,000 square feet of commercial space and the preservation of historic silos and a 0.333-acre park. Staff said the developer agreed to reduce its requested maximum tax-increment reimbursement by 10%, from $51,000,000 to $45,800,000, and that annual reimbursements will be capped at 90% over a 25-year term.
The board pressed project representatives on enforcement of public benefits. Staff said failure to maintain any of the listed public benefits would reduce both the reimbursement amount and the reimbursement rate by 10% per unmet benefit and that annual compliance reporting would be negotiated into the agreement. On sustainability, staff said the developer could not meet the on-site net-zero requirement and would instead “account for a 100% of the energy use in the commercial spaces, parking garage, and hotel up up to a maximum of $5,000 per month in the community clean energy program,” with any additional offsets placed in Blue Sky up to $5,000.
Brandon Blazer of Blazer Ventures, representing the developer, addressed concerns about silo preservation and prior communication with the city, saying the project team had undertaken engineering reviews and subsurface investigations to protect the silos and that they would communicate proactively about any plan changes. “If there's anyone at the city, if anyone in other previous projects we did not communicate enough with, that is 100% my responsibility,” Blazer said.
Board member Wharton moved to adopt the term sheet and board member Carlson seconded. The chair reported a board tally summarized in the transcript as “6, 4 and 1” and declared the motion passed. The approved term sheet will go into negotiation for a formal agreement with compliance and reporting terms to be established in the final documents.
