Exchange Building rehabilitation

Every hearing and vote

1. April 7, 2026 · City Council

   Exchange Building land transfer and development agreement (work session)

   Discussed

   Assistant Economic Development Director Kelli Pendleton presented a plan to transfer the city-owned, 9,500-square-foot art deco Exchange Building, built in 1931 for the Ogden stockyards, to developer Thayne Fisher of Fisher Reagan Enterprises for rehabilitation as the headquarters of defense contractor GMRE. GMRE is expected to bring about 60 direct jobs and 45 indirect jobs, an estimated $17 million in economic impact. The city had set aside $1 million for stabilization, which staff said would fall short; the proposal uses those funds as an incentive for preconstruction costs. Timeline: conveyance within 30 days, design and permit applications within four months, permits and financing within six months and core and shell completion within 18 months. Council Member Washington asked about city indemnification for environmental issues; Community and Economic Development Director Jared Johnson said the city had already completed three phases of soil testing and removed one leaking tank, so this formalizes existing responsibility.

   • Developer: Thayne Fisher, Fisher Reagan Enterprises
   • End user: GMRE, a defense company relocating its headquarters
   • Jobs: about 60 direct, 45 indirect

2. April 14, 2026 · City Council work session

   Exchange Building land transfer and development agreement, Resolution 2026-1 (Redevelopment Agency)

   Approved · 6-1

   Community and Economic Development Executive Director Jared Johnson said the city is preserving, not demolishing, the building it bought in 2013. A 2024 request for proposals drew one submittal, which was declined as not feasible. The current developer, Fisher Reagan Enterprises, became involved through discussions with Big D Construction, which estimated renovation at $11 million; an earlier estimate from Black Pine was about $16 million. Council Member Alicia Washington said the RDA website calls for an exclusive negotiation agreement with notice to the board within 30 days and asked about structural liability; Johnson said no such agreement was signed because viability was uncertain until recent months, and that the deal includes a six-month due diligence period. A structural report from ARW Engineering was completed in October 2025. Discussion continued at the 6 p.m. RDA meeting, where the results report says the board received public input and adopted Resolution 2026-1 with 600 Exchange Bldg., LLC 6-1. The results report does not name the member who voted no.

   • Developer: Fisher Reagan Enterprises (600 Exchange Bldg., LLC)
   • Renovation estimates: Big D Construction $11 million; Black Pine about $16 million

   Vote: 6-1 (Redevelopment Agency board); the results report does not name the member who voted no

3. July 14, 2026 · City Council

   Exchange Building rehabilitation update

   Discussed

   Community and Economic Development Executive Director Jared Johnson reported the developer has cleared the site, saved stone and brick for reinstallation and cleaned the interior. Architects are engaged and structural checks of the columns were encouraging, with one basement beam possibly problematic. Staff is updating the memorandum of agreement with the State Historic Preservation Office and preservation groups. A bat colony remains on site and would be excluded with one-way screens during repointing.