Silo Park Development Tax Increment Reimbursement

At a glance

• What: A tax increment reimbursement agreement with Silos South BCG LPG Partners LLC for phases I-V of the Silo Park Development at about 455 West 500 South, in the Salt Lake Central Housing and Transit Reinvestment Zone (HTRZ). The project includes affordable and market-rate housing, commercial space, open space and preservation of six grain silos.
• Where it stands: The Community Reinvestment Agency Board adopted Resolution 13 of 2026 on July 14, 2026, approving the reimbursement term sheet, 6-1 (Puy opposed).
• Status: Term sheet approved; final agreement and project changes to follow.

Detail

This was a follow-up briefing after an earlier Board discussion, with modifications made in response. Kristina Harrold and Danny Walz presented; Kate Werrett introduced the item. Points discussed with developer representative Brandon Blaser (President, Blaser Ventures):

• No deed restrictions on the workforce housing units: the developer cited the need for leasing flexibility and said smaller units mean lower rents.
• Deed-restricted affordable housing at 60 percent of area median income and below, which is more than CRA policy requires.
• Language that neither the CRA nor the City is obligated for any pledges or bonds tied to the Public Improvement District (PID).
• A 10 percent reduction to the reimbursement cap because the project does not fully meet the CRA sustainable development policy.
• Public benefits supporting a 90 percent reimbursement rate, an annual compliance review, and revised energy offset participation that prioritizes the Community Clean Energy Program.
• Developer accountability for communicating about demolition of preserved structures.
• Assurances that ongoing construction would not harm the historic silos, that no more waiver requests were expected, and that the developer would notify the City ahead of project changes.

Director request: Puy asked CRA staff to develop clearer contract language and procedures for project changes and waiver requests, to prevent potential abuse and political pressure from developers.

Motion

Moved by Director Wharton, seconded by Director Carlsen, to adopt Resolution 13 of 2026 approving the Silo Park Development Tax Increment Reimbursement Agreement term sheet with Silos South BCG LPG Partners LLC and BCG TBD Manager LLC. AYE: Petro, Wharton, Napier-Pearce, Carlsen, Dugan, Young. NAY: Puy. Passed 6-1.

Sources

• Community Reinvestment Agency minutes, July 14, 2026 (approved October 13, 2026): https://slc.primegov.com/Public/CompiledDocument/45588

Log

2026-07-14 - Community Reinvestment Agency

Follow-up briefing; Resolution 13 of 2026 approved the term sheet 6-1. Puy asked for clearer procedures for project changes and waivers.

2026-06-09 - Community Reinvestment Agency

First briefing, no vote. Staff presented a $51.5 million tax increment reimbursement request across five phases, with requested waivers to the Sustainable Development Policy (all-electric and on-site net zero). Directors discussed trading reductions for the waivers and protecting the City when developers miss obligations. Petro asked for total project costs at the time of the requests; Dugan asked about the workforce housing area median income, deed restrictions and how the HTRZ and Public Infrastructure District structure benefits the City.