Thorstensen Building (Lotus) development agreement amendment

Every hearing and vote

1. July 7, 2026 · City Council

   Thorstensen Building land transfer and development agreement amendment

   Discussed

   Economic Development Director Eric Gibson and Neighborhood Development Director Jeremy Smith presented Ogden housing-market data as context for amending the 2015 land transfer and development agreement. The amendment would let the developer, Lotus, build 25 income-targeted (low-income housing tax credit) units in the Thorstensen Building instead of the 30 market-rate units first contemplated. Gibson said the developer reports market-rate units are not financially feasible, and recommended approval, citing missed obligations by both parties, no other expressed interest in the property, demand for subsidized units, and an estimated $20,000 to $25,000 a year in property tax and about $500,000 a year in resident spending. Chair Richard Hyer raised concern that Ogden holds about 82 to 84 percent of Weber County's subsidized units while having about a third of its population. Vice Chair Dave Graf raised the lack of smaller homes for downsizing residents, Council Member Shaun Myers asked about effects on single-family home values and the tax base, and Council Member Ken Richey asked about a new state financing option for condominiums. No vote was recorded in the minutes of either session.

   • Developer: Lotus
   • Proposed: 25 income-targeted units in place of 30 market-rate units
   • Staff recommendation: approve the amendment

2. June 16, 2026 · City Council

   Thorstensen Building land transfer amendments, Lotus artist lofts (work session)

   Discussed

   Economic Development Director Eric Gibson said the 2015 agreement with Lotus Development covering the Thorstensen and other downtown buildings left many of about 25 commitments unmet by both sides. Lotus asked to change the residential requirement from 30 market-rate lofts to 25 income-targeted artist lofts at 60 percent of area median income (about $40,000), using federal and state historic tax credits. Chair Hyer questioned demand and Ogden's roughly 80 percent share of Weber County affordable housing; Council Member Lundell asked for data on where tenants of similar projects come from; Washington cited the arts master plan. Lotus said the tax-credit structure is the only viable option and fair housing law bars limiting units to artists. The Council asked for another work session with housing-need data, tenant origin data and other options. Residents later argued affordable downtown housing supports workers; Vice Chair Graf said the 25 units are a small part of a larger housing strategy.

   • Units: 25 income-targeted artist lofts replacing 30 market-rate lofts
   • Income limit: 60 percent of area median income