09/14/2017 - SALT LAKE CITY, Utah (ABC4 News) Salt Lake City continues to grow thanks to the Economic Department of Development. A new program might help even more. Redevelopment Agency communications manager Amanda Holty joined Good Morning Utah with Emily Clark to talk about it.
It's called the Granary Adaptive Reuse Program. The focus is preserving the past while building the future of the Granary District.
Provides forgivable loans to encourage the reuse and revitalization of the Granary District's unique stock of warehouse and industrial buildings.
Reduces the financial impact of building code requirements, which leverages private investment to reduce the number of distressed buildings while also preserving the neighborhood's historical character.
Facilitates transformative development projects that increase the number of residents living, working, and visiting the Granary District.
To be eligible for a forgivable loan under the Granary Adaptive Reuse Program, projects must achieve all of the following:
o Be located within the Granary District Project Area boundaries.
o Align with the Granary District Redevelopment Plan and other RDA policy.
o Demonstrate that requested loan is necessary for the project to succeed and that the request is reasonable.
o Demonstrate that the requested loan will be used to convert a vacant, underutilized, or economically challenged building into one of the following uses:
§ Apartments or condos
§ Office or commercial space
§ Joint live-work units
§ Neighborhood-oriented retail or services
The Program is intended to provide a forgivable loan to supplement a project's existing, secured financing, and/or equity contributions.
Up to $200,000 is available per project, depending on the project's funding match contribution.
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