OTHERAPPROVED

City of South Salt Lake Redevelopment Agency Minutes of Meeting Held 2026-05-27

Alpha Development Group LLC Awarded Tax Increment Agreement for Utopia Apartments

Up to eighty percent of property tax increment available over 15 years (allocation not to exceed statutory caps); specific dollar figure not statedCity of South Salt LakeALPHA DEVELOPMENT GROUP LLCMay 27, 2026

Trusted by teams at

Description

The South Salt Lake Redevelopment Agency approved a tax increment participation agreement with Alpha Development Group, LLC for the Utopia Apartments project within the Downtown SSL Housing and Transit Reinvestment Zone. The agreement allows for up to eighty percent of property tax increment over a fifteen-year period, contingent upon affordable housing and community enhancements.

Contract Details

Contract Amount

Up to eighty percent of property tax increment available over 15 years (allocation not to exceed statutory caps); specific dollar figure not stated

Vendor

ALPHA DEVELOPMENT GROUP LLC

Agency

City of South Salt Lake, UT

Contract Type

OTHER

Document Date

May 27, 2026

Contract Term

Fifteen years (subject to approval, tied to Downtown SSL Housing and Transit Reinvestment Zone period)

Renewal Date

2041-05-27

Renewal Info

Contract may be subject to extension, amendment, or additional phases per agency and statutory review; defaults to fifteen-year participation per state law unless otherwise modified.