Salt Lake City's redevelopment agency is due $55.9 million in 2025 tax increment, county says, above its own $47.9 million estimate

Salt Lake County's auditor lists $55.85 million in tax increment due for tax year 2025 to the Salt Lake City Community Reinvestment Agency from 12 project areas. The agency's own annual report had estimated $47.85 million. ^[1]

After prior-year adjustments, the county report puts the amount at $56.89 million. The full increment generated in the areas was $73.04 million. ^[1]

The county report notes that the agency and taxing entities "are responsible for monitoring performance benchmarks & rebate terms" and that the county treasurer determines the final amount distributed. ^[1]

By project area

The Central Business District is the largest, at $26.19 million against an estimate of $24.14 million. ^[1]

The State Street area is listed at $9.97 million against an estimate of $8.66 million, and the Northwest Quadrant at $4.30 million against $3.34 million. ^[1]

Block 70, whose increment helps repay Eccles Theater bonds, is listed at $2.66 million, and the Stadler Rail area at $221,263. The agency's estimate for each was $0. ^[1]

The North Temple area is listed at $2.37 million, below its $3.06 million estimate. ^[1]

The agency's books

The agency's audited statements for the year ended June 30, 2025 show net position of $337.1 million, of which $234.6 million was unrestricted. ^[2]

The statements say incremental property taxes received fell by $5.35 million, or 14.8%, from the year before. ^[2]

The agency originated $9.8 million in new loans that year and had $38.2 million in bonds outstanding. ^[2]

Who receives it

The city's financial report lists several agreements that pay developers part of the increment from their projects. ^[3]

Under an agreement signed in fiscal 2017 for the Delta Center arena, the agency will reimburse the Larry H. Miller Arena Corporation up to $22.7 million through 2040, conditioned in part on the arena remaining the Utah Jazz's home venue. It paid $670,906 in fiscal 2025. ^[3]

An agreement with NWQ, LLC in the Northwest Quadrant allows up to $28 million over 19 years, with $803,917 paid in fiscal 2025. An agreement with Stadler US allows up to $9.6 million, with $130,505 paid. ^[3]

An agreement with 222 S. Main Investments, LLC, running to January 2031, recorded $543,672 in fiscal 2025 expenses. An agreement with West Quarter Residential I, LLC allows up to $15 million, and no payments were made in fiscal 2025. ^[3]

The agency also transferred $8.74 million in downtown increment to Block 70 for Eccles Theater debt service in fiscal 2025 and paid $8.24 million in principal and interest on the theater bonds. ^[3]