Salt Lake County Offers Financial Support for High-Density Development Along TRAX Line
- Oct 24, 2011
Salt Lake County has shown its financial support for a proposed high-density development along the new TRAX line running through West Jordan. The 40-acre project, located at 9000 S. Bangerter Highway, will include 1,400 residential units and commercial buildings. The Salt Lake Tribune reports the County Council agreed to approve a $5.5 million tax-increment funding over a period of 20 years to support Boulder Ventures’ development of the mixed-used project. Of the new taxes the project generates, the county will receive 25 percent over the next 20 years (or until the amount reaches $5.5 million), while the developer will use the remaining 75 percent to pay for public infrastructure.
Mark Isaac, representing Boulder Ventures, said the estimated $170 million to $190 million project will be something new for Utah, with a density of more than 40 units per acre. The development aims to create a community featuring grocery stores, restaurants and housing close to a TRAX Station, Jordan Valley Hospital, Salt Lake Community College’s Jordan Campus and various local employers such as Fairchild Semiconductor.
West Jordan city manager Rick Davis hailed the project as an explosive development that will set the tone for future developments on the east side of West Jordan.
In other news, Ksl.com reports the increasing diversity in the local population coupled with the economic situation is changing the housing market in Utah. Pam Perlich, senior research economist for the Bureau of Economic and Business Research at the University of Utah, said the decreased capacity of the population to afford big houses on large lots has led to an increase in demand for affordable housing.
The minority population of Utah has increased from 9 percent in 1990 to 20 percent in 2010, affecting numerous economic sectors, particularly housing. A recently released study shows the overall mid-year apartment vacancy rate in Salt Lake County decreased to 5.2 percent from 5.7 percent in 2010. The drop reflects the increased demand for rental units due to the decreased number of households that can qualify for homeownership.