City of South Salt Lake Redevelopment Agency Agenda Packet 2026-05-27
Alpha Development Group awarded $1M HTRZ participation agreement
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Description
The Redevelopment Agency of South Salt Lake approved a tax increment participation agreement with Alpha Development Group, LLC, providing up to $1,017,733 in reimbursements for qualified development expenses associated with the Utopia Apartments project. The term lasts 15 years beyond full assessment, with funds supporting affordable housing, structured parking, and public improvements within the HTRZ.
Contract Details
Contract Amount
$1,017,733
Vendor
ALPHA DEVELOPMENT GROUP LLC
Agency
City of South Salt Lake, UT
Contract Type
OTHER
Document Date
May 27, 2026
Contract Term
Through the fifteenth (15) year following the year the Mixed-Use Project appears fully assessed on the Salt Lake County Tax Rolls.
Renewal Date
2046-12-31
Renewal Info
Agreement term is 15 years following full assessment of the project; Agency may terminate if vertical construction does not commence on schedule. Repayment of funds required if milestones are not met by certain deadlines; otherwise, no repayment. Amendments allowed only by written instrument executed by both parties.
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South Salt Lake City Council Agenda Packet 2026-05-27
South Salt Lake City Council Minutes 2026-05-27
South Salt Lake City Council Minutes 2026-05-27
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