At Tuesday’s meeting, the Salt Lake City Council, acting as the Redevelopment Agency Board, allocated $4 million to purchase property for a mixed-use, mixed-income, affordable housing project at 1500 West North Temple.
A public Request For Proposals (RFP) will be issued to get development bids on the property, which currently operates as the Overnighter Motel, by the end of the year. Board Members said the decision to have the RDA purchase the property would give the City the best chance to efficiently expand the City’s affordable housing stock through a transparent process. Board Members voiced excitement at the opportunity to kick start development in the RDA’s North Temple project area and provide critical affordable rental housing.
The Board’s discussion centered on its strong desire to have development follow the City’s policy goals for the area, including walkability, transit usage, and quality urban design.
This is the first project to be funded out of the $21 million the RDA Board allocated last year for affordable housing. The Administration has presented a draft funding strategy for how to spend the remaining funds, but has not forwarded any other specific project proposals to date.
Watch today’s meeting here.