OTHERAMENDED

Community Reinvestment Agency of Salt Lake City Minutes 2026-04-14

CRA Modernizes Tax Increment Deal with Mountain West Development

Maximum reimbursement amount $5,078,545 (reduced from prior amount); up to 90% of tax increment annually, effective distribution reduced to approx. 75%Salt Lake City CorporationMOUNTAIN WEST DEVELOPMENT LLCApril 14, 2026

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Description

Salt Lake City's CRA Board approved amendments to its Tax Increment Reimbursement Agreement with Mountain West Development, LLC for the Pickle & Hide mixed-use project. The revised terms reduce the maximum property tax reimbursement to $5,078,545, maintain a 90% annual reimbursement, and acknowledge project scope changes after demolition of the original building.

Contract Details

Contract Amount

Maximum reimbursement amount $5,078,545 (reduced from prior amount); up to 90% of tax increment annually, effective distribution reduced to approx. 75%

Vendor

MOUNTAIN WEST DEVELOPMENT LLC

Agency

Salt Lake City Corporation, UT

Contract Type

OTHER

Document Date

April 14, 2026

Renewal Info

Original agreement approved March 18, 2025. Current amendment (April 14, 2026) reduces reimbursement limits and includes new participation/waiver clauses.