Midvale redevelopment board raised Jordan Bluffs reimbursement cap to $53.3 million plus interest

The Redevelopment Agency of Midvale City voted unanimously on June 3, 2025 to raise the ceiling on what it may reimburse the Jordan Bluffs developer from tax increment, according to the board's approved minutes. ^[1]

Resolution 2025-05RDA approved a second amendment to the project area's tax increment reimbursement agreement. Board member Heidi Robinson moved to suspend the rules and pass the resolution, and board member Paul Glover seconded. Board members Bryant Brown, Denece Mikolash, Paul Glover, Bonnie Billings and Heidi Robinson voted aye. The minutes record no board discussion. ^[1]

What changed

Staff told the board the original agreement with the Gardner Company was entered into on Nov. 9, 2017, and first amended on July 14, 2020, and that the reimbursement cap was $40,915,480. ^[1]

The amendment in the meeting packet redefines the reimbursement cap as $53,300,000, plus accrued interest. The prior cap was also $40,915,480 plus accrued interest. The difference between the two base amounts is $12,384,520. ^[2]

The amendment names the developer as PGM Jordan Bluffs, LLC, as successor in interest to Gardner Jordan Bluffs, L.C., which it says assigned its rights on or around June 28, 2022. ^[2]

Staff's summary report says reaching the cap depends on the generation of sufficient development value over the life of the project area. Section 7 of the amendment says the developer will only be able to reach the cap if development on Lot 2 generates more assessed taxable value than the developer has communicated to the agency, and that the amendment does not amend or expand the agency's obligation to pay the developer under Section 3.11 of the original agreement. ^[2]

Sewer station and Public Works land

Under the amendment, once Lot 2 reaches an assessed taxable building value of $194,000,000, as determined by the Salt Lake County assessor, up to $5,382,863 of construction costs for a vacuum sewer system and collector station become approved costs eligible for reimbursement from the developer's tax increment share. Those costs are subject to the same terms and conditions as other approved costs. ^[2]

The amendment also requires the developer to quitclaim a property described in Exhibit C to the agency no later than June 30, 2025. The agency is then responsible, at its sole cost, for conveying it to Midvale City to expand the city's Public Works facility. Exhibit C describes 17,660 square feet, or 0.405 acres, from a portion of parcel 21-35-277-037. ^[2]

The fiscal 2025 annual comprehensive financial report says the city bought land for a planned public works campus expansion. ^[3]

What the records don't show

The amendment in the packet is dated as of June 6, 2025, three days after the vote, and its signature lines for the agency and the developer are blank. The packet does not include the text of Section 3.11 of the original agreement. ^[2]

The records reviewed do not show how much has been reimbursed under the agreement, whether the Lot 2 building-value threshold has been met, or whether the Public Works parcel has been deeded. ^[1][2]