Holladay's Cottonwood Mall urban renewal area, 2008 to 2025: caps, subsidy shares and housing terms

Holladay council minutes from 2021 to 2025 describe the Cottonwood Mall urban renewal area, created in 2008, including its caps, who receives increment and recent agreements. ^[1][2][3][4]

Terms described in June 2025

The city manager said the 2008 taxing entity committee approved 75% of property tax increment and 75% of the city's point-of-sale sales tax for project costs, a $122.5 million increment cap, 100 affordable units at 80% of area median income and a $96.3 million maximum property tax contribution. A 2021 law change extends the area through 2038. ^[1]

As of that meeting the minutes record 250 homes built, 50 under construction and 105 entitled. They give office space at about 25% of the 100,000 square foot requirement and retail at about 20,000 of 60,000 square feet. ^[1]

Agreements and later action

On Feb. 4, 2021 the council voted 6-0 on Resolution 2021-03, naming KMW Development, LLC as substitute party to an amendment that extends the subsidy period by two years. ^[5]

On Apr. 21, 2022 the council voted 6-0 on Resolutions 2022-09 and 2022-10, a site development agreement and an Agreement for Development of Land with KMW Development and the redevelopment agency. The minutes give no dollar amount. ^[6]

On Aug. 7, 2025 the council voted 6-0 on a memorandum of understanding for Royal Holladay Hills tax increment. The minutes say the city is pre-funding a traffic signal at Murray Holladay Road and Channin Street because tax increment is not flowing as expected, with reimbursement intended through tax increment. ^[2]

On Nov. 6, 2025 the council reviewed an affordable housing proposal: all 100 units in Block D in exchange for 20% of increment plus $2.5 million from the agency, $500,000 from Cottonwood Mall increment and $2 million from reserves. No vote was taken. ^[3] On Dec. 4, 2025 the developer proposed moving the units to Block E. No vote was taken. ^[4]