Forest Service Building (Giv Group)

Every hearing and vote

1. November 12, 2024 · City Council

   Purchase of the U.S. Forest Service Building (507 25th Street) and reimbursement resolution

   Discussed

   The GSA declared the building surplus in March 2023 and issued an offer to the city at $3.6 million. The contract requires $360,000 earnest money and execution by December 16, 2024, with closing within 30 days. Because bonds cannot be issued in that window, the RDA would advance funds and a Resolution of Intent would allow reimbursement from tax-exempt bond proceeds; it does not commit the agency to issue bonds. Financial adviser Laura Lewis of Lewis Robertson Burningham said the bond would not lower the city's rating but advised against further large sales tax bonds until WonderBlock generates revenue. Action was set for December 3.

2. November 19, 2024 · City Council

   Mid-year budget amendment ($2.9 million) and Forest Service Building budget amendment

   Discussed

   Finance Director Justin Sorensen outlined a roughly $2.9 million mid-year amendment across the General, CIP, Airport, Parking and Mobility, BDO, Storm Sewer, Medical Services, Fleet and Facilities and grant funds. Separately, the RDA budget amendment for the $3.6 million Forest Service Building purchase would cover the 10 percent earnest money and two years of maintenance from Adams CRA fund balance and loan proceeds, with another amendment needed before closing; a private placement bond is expected to reimburse the agency.

3. July 14, 2026 · City Council

   Forest Service Building update

   Discussed

   Johnson said The Giv Group, chosen through an earlier RFP, is again planning and working on a draft lease with option to purchase that would shift carrying costs from the city to the developer before acquisition. The group is talking with Weber State University about the lower floors and has acquired nearby properties as part of a four-building concept. A formal agreement is expected before the Council soon.

4. August 11, 2026 · City Council

   Land transfer and development agreement for the U.S. Forest Service Building

   Discussed

   Economic Development Director Eric Gibson presented a proposed agreement with entities known together as the Giv Group (Imagine Jefferson 3 LLC or the Perpetual Housing Fund of Utah LLC). The city agreed in December 2025 to buy the 1930s building for $3.6 million using private bonds (Series A about $2.8 million at 4.18 percent; a smaller Series B at 5.28 percent), repaid from redevelopment tax increment with city sales tax as backstop; it has spent about $121,000 on upkeep through a contract with EML. Under the draft, Giv would lease the building for $1 a year, paying all costs, for up to three years, and must buy it for $2.8 million once it wins a federal low-income housing tax credit award; otherwise ownership returns to the city. Plans call for at least 24 homes, Weber State's Startup Weber as lead tenant on lower floors, and office and community space, tied to three other Giv properties in a combined application targeted at November. Chris Parker described a tenant wealth program with an annual rent rebate of 75 percent of net cash flow, an equity share at sale or refinance, an emergency fund and a homeownership pathway. Council Member Dave Graf noted the program is tied to Giv's nonprofit, not the building, so a later owner would not be bound; Council Member Jeremy Peterson asked how rebates are calculated. The $800,000 gap between purchase and sale price would be covered by tax increment. Formal consideration was set for September 8.

   • Lease: $1 per year, up to three years
   • Minimum units: 24
   • Vote scheduled: September 8, 2026