Syracuse RDA's El Matador proposal: a $1.1 million land price, $238,150 in credits and a tax rebate

Syracuse's Redevelopment Agency scheduled votes on Oct. 13, 2026 to buy about 1.526 acres at approximately 1862 W. 1700 S. from the city, sell it to CT Eatz Holdings LLC and give the buyer a property tax rebate for a restaurant, according to the meeting notice and agenda packet. ^[2][1]

The packet's staff memo identifies the restaurant as El Matador. The resolutions, the draft real estate purchase contract and the draft rebate agreement in the packet are unsigned, and the vote columns for the five board members are blank. ^[1]

The price and the credits

The staff memo sets the price at $16.50 a square foot, or $1,096,797, for the city-to-agency purchase and the same amount for the agency's sale to the buyer. ^[1]

Section 2 of the draft contract subtracts three credits from that price: $159,500 for the northernmost row of about 29 parking stalls at $5,500 each, $68,750 for the next row of about 25 stalls at $2,750 each and $9,900 for a 1,200-square-foot art easement at $8.25 a square foot. The three credits total $238,150, and the cash due at closing is $858,647. ^[1]

The memo describes the parking as an overbuilt lot shared with Founder's Park. It cites a Jan. 6, 2020 appraisal of the property at $800,000, about $12 a square foot; a July 2025 appraisal of other city commercial land at 1700 S. and 3000 W. at about $16.50 a square foot; and an agency purchase from the Utah Department of Transportation at 2500 W. 1700 S. appraised at about $15 a square foot. The memo says the council declared the property surplus on Feb. 25, 2020. ^[1]

Reimbursements and maintenance

Addendum 2 of the draft contract would have the agency reimburse the buyer, within 30 days of receiving an invoice, for removing three cottonwood trees, planting seven new trees, building a north sidewalk and fence, providing cross access to a neighboring property and other agreed items. The addendum states no dollar limit. ^[1]

The same addendum divides upkeep. The agency would handle structural maintenance of the northernmost parking row, the drive between the rows, the north sidewalk, the cross access and the art easement after art is installed. The buyer would handle routine maintenance of the property, the western access and the northernmost row. ^[1]

Addendum 6 would let the agency buy the land back for $858,647 if the buyer has not obtained a building permit and started construction within 12 months of closing. ^[1]

The tax rebate

The draft rebate agreement would return 67% of the property tax increment from the project after a 5% administrative fee kept by the agency. Its example assumes $22,800 in annual taxes and $14,450 of increment; after a $722 fee, the annual rebate is $9,198. Section 6 says the agency "does not guarantee any specific amount." ^[1]

Rebates would run from closing until the earlier of 10 years or the end of increment collection, which the recitals say is scheduled for 2039. The staff memo summarizes the term as 2027 to 2037. ^[1]

To qualify, the buyer would have to begin construction within one year of closing, open within two years, build the contract's infrastructure, grant the cross-access and art easements and build a sidewalk from Antelope Drive to the park. The agreement says the buyer has no obligation to develop, but no rebates are paid if the improvements are not completed. ^[1]

Addendum 5 of the purchase contract describes the rebate differently, as "2/3 of the tax increment received from the Property." ^[1]

The September vote

At a Sept. 8, 2026 special meeting, the agency board voted unanimously, on a motion by Boardmember Julie Robertson seconded by Boardmember Brett Cragun, to authorize buying previously surplussed city land at 1882 W. 1700 S. The approved minutes list 1.526 acres, or 66,488 square feet, at $16.50 a square foot, for $1,097,052. Staff said there were no real or perceived conflicts of interest for the council or the mayor. ^[3]

The October packet gives 66,472.56 square feet and $1,096,797 in the memo and contract, and a survey in the packet gives 66,488 square feet. One October memo uses 1822 W. 1700 S. The records reviewed do not explain the differences. ^[1]