|
TO: |
Board of Trustees |
|
THROUGH: |
Jay Fox, Executive Director |
|
FROM: |
Dave Hancock, Chief Capital Services Officer |
|
PRESENTER(S): |
Paul Drake, Director of Real Estate & TOD |
|
|
Nick Duerksen, TOD Project Manager |
|
|
|
TITLE:
title
R2024-06-08 - Resolution Designating the Midvale Center Station a Transit Oriented Development Site
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve Resolution R2024-06-08 to designate the Midvale Center Station in Midvale, Utah as a Transit Oriented Development (TOD) site.
BACKGROUND:
Board Policy 5.1(III)(C) requires the Authority to analyze Station Area Plans (SAP), including the feasibility of the SAP’s Concept Plan and progress of the Implementation Plan, to determine if the site is prepared for development. The Board of Trustees must authorize a TOD site for development by resolution.
The SAP for Midvale Center Station was adopted by Midvale City on February 16, 2024. On May 22, 2024, the Local Advisory Council approved the Midvale Center SAP in resolution AR2024-05-02. On June 26, 2024, the SAP will be presented to the Board of Trustees for adoption in resolution R2024-06-08.
DISCUSSION:
Board of Trustees Policy No. 5.1 requires that TOD sites must be selected by the UTA Board of Trustees to move forward with a Request for Proposal for development. Based on the status of the Implementation Plan and current market trends, Midvale Center Station is ready for TOD development.
ALTERNATIVES:
Do not develop the site. Site would remain as a Park & Ride lot and vacant parcels. Such would conflict with the adopted SAP and not support state, regional, or city objectives.
FISCAL IMPACT:
No fiscal impact initially. Once project moves forward with completion of development phases, the Agency is anticipated to receive a return on investment that will be projected on a phase-by-phase basis. Such projections will be presented to the Board along with associated agreements.
ATTACHMENTS:
Resolution R2024-06-08