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2026-06-09 - Community Reinvestment Agency

Summary

Built from the official minutes (approved August 18, 2026). The minutes are not a full transcript.

  • Community Reinvestment Agency Board of Directors meeting, called to order at 12:38 p.m. and adjourned at 1:29 p.m. Dugan presided. Present: Puy, Petro, Wharton, Carlsen, Dugan and Young. Agency leadership: Rachel Otto, Danny Walz and Cara Lindsley.
  • No public comments and no public hearing. No motions or votes were recorded.
  • Single business item: a briefing on the Silo Park Development tax increment reimbursement request, a $51.5 million request across five project phases at about 455 West 500 South. See Silo Park Development Tax Increment Reimbursement.
  • Directors discussed trading reductions in the reimbursement for waivers from the Sustainable Development Policy (all-electric emission-free and on-site net zero operations), how to avoid non-compliance in future projects, and the Board's timeline.
  • Director requests: Petro asked for total project costs at the time reimbursements were requested; Dugan asked about the workforce housing component (area median income level, deed restrictions) and how the HTRZ and Public Infrastructure District (PID) financing structure benefits the City.
  • Executive Director, Chair and Vice Chair reports: none. Walz announced a new Senior Project Manager hire. No closed meeting was held.

Silo Park Development tax increment reimbursement

Kate Werrett introduced the item. Kristina Harrold and Walz presented the $51.5 million request from Silos South BCG LPG Partners LLC for phases I to V in the Salt Lake Central Housing and Transit Reinvestment Zone (HTRZ). The development includes affordable and market-rate housing, commercial space, open space and preservation of six grain silos. Presentation topics: the five phases, compliance with the CRA HTRZ Policy, requested waivers to the CRA Sustainable Development Policy (all-electric emission free and on-site net zero operations), other sustainability features, reimbursable expenses, agreement terms and next steps.

Directors and Walz discussed potential reductions to the reimbursement in exchange for the waivers; concern about compliance and how to avoid it in future developments; giving the Board time to evaluate the developer's circumstances without causing unnecessary delay; staff's commitment to better communication with the Board during project development; and structuring agreements to protect the City when developers miss obligations or are not transparent. The Board returned to the item on July 14 and approved a term sheet 6-1 (2026-07-14 - Community Reinvestment Agency).

Sources