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

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]