Logan's redevelopment fund balance fell from $11.9 million to $3.4 million by fiscal 2023

The Logan Redevelopment Agency fund balance was $11,874,086 at June 30, 2020, $11,363,800 in 2021, $7,129,536 in 2022 and $3,401,869 in 2023, according to the city's annual financial reports. The fiscal 2023 report says the fund balance decreased by $3,727,667 that year. ^[1][2][3][4]

For later years the reports give restricted net position for redevelopment, a different measure: $314,240 in fiscal 2024 and $1,869,176 in fiscal 2025. The fiscal 2025 report attributes the increase to the sale of capital assets held in the agency. ^[5][6]

Spending approved, 2021 to 2022

On March 2, 2021, the council, sitting as the agency, approved $4,347,905 for demolition and construction of the Center Block Plaza and $1,575,157 for improvements to 41 and 45 North Main, which the city intended to sell. ^[7]

On March 15, 2022, it approved recognizing $2,150,000 in donations for the plaza, and on Nov. 15, 2022, a further $500,000 for the project after costs rose about 33 percent. ^[8][9]

Incentives approved, 2020 to 2023

Agency assistance approved by the council includes $500,000 from the affordable housing fund for the Mill Creek of Logan apartments (Sept. 15, 2020), $350,000 for L59 Multifamily (Jan. 19, 2021), up to $1,400,000 in street and utility reimbursement for Blue Springs Business Park (June 15, 2021), $250,000 for the Triiio mixed-use project (Oct. 5, 2021), $1,150,000 in performance-based infrastructure incentives at Blue Springs (June 21, 2022) and $100,000 for Mill Creek phase 2 (May 16, 2023). ^{[10][11][12][13][14][15]}

Budgets

The agency's adopted budgets: $2,815,000 for fiscal 2021, $3,230,000 for 2022, $3,633,392 for 2023, $2,183,075 for 2024, $1,362,025 for 2025 and $377,225 for 2026. The fiscal 2027 adopted budget lists $610,000. ^{[16][17][18][19][20][21][22]}

At a May 2025 workshop, Economic Development Director Kirk Jensen said Plaza 45 and the Jump to the Moon building had sold with proceeds returned to the agency fund, reserves were $2.2 million and tax increment revenue was $320,000. ^[23]