Monday, July 1, 2013

Economic Development Update

Our economic development committee is a group of residents and business owners who advise the elected officials. At their meeting last month, they were given an update of economic development activity going on. Here are the notes from that meeting:

UDOT Property (6200 S. Bangerter Hwy) – interest from developer, opportunity and potential for property
  •   Display of aerial of the property with a suggested development layout.
  •   $11 M sale price.
  •   Companies are investigating the site, including an IT company, a medical device
    company, and a charter school.
  •   Interest has also been expressed for a drive thru restaurant and C Store. The City will
    wait for a commitment to them until the big users have decided what they will do.
  •   Without roads, it's a little challenging.
  •   There is a budget to do Westbrook Drive with signal and an access road onto the
    property. This fall they will start roads, and then utilities will go in (initial phases of
  •   UDOT is partnering with the City, in part by funneling inquiries to the Economic
    Development Department and communicating to inquirers the city's desire not to have multi-family housing.
125 acres. 25 acres of that are an old landfill and will become a park. UDOT will do a roadway dedication plat.

o ICSC (International Conference of Shopping Centers - Las Vegas) RECon meetings with potential business partners
Good visits, running every day. We had two economic development staffers, Mayor Rechtenbach, and Councilmember Overson in attendance. Some of the meetings were with:
  •   Costco
  •   Target
  •   HarborFreight (Looking at two sites: WestPoint, Meadowbrook)
  •   Burlington (WestPoint)
  •   Buffalo Wild Wings (5400 South & Redwood Road)

    - Their corporate rep asked his local agent, “Why didn't you tell me about this site before?!? This is better than some of the places we have just invested in.”

    - They have eight now operating and will look at expansion in about 18 months, when these stores are "on their feet."

  •   Fowler Properties (WestPoint - 5400 S. Bangerter Hwy)

    - Good meeting with a potential tenant.

    - Property owners are planning to come to meet with the CC in July. 
    - Signal into West Point underway.
  •   CenterCal

    - Council going to see Station Park in Farmington and see what can be done in a

    modern center.

  •   Zupas

    - 5400 South & Redwood Road and is currently talking with property owners.

  •   Raddon Development (UDOT employment center development)
  •   Home Depot & Lowe's (FamilyCenter)
  •   DDR
  •   Outback Steakhouse

    - 5400 South & Redwood Road. They will make a site visit in mid-July.

  •   Dick's Sporting Goods
  •   Walmart

    - They are carving out a 1-acre pad west of Iceberg. Walmart commented that the city has opened to them a new concept of creating pad sites in their oversized parking lots. As a result, they have changed their corporate philosophy and will surplus excess property in other parking lots. They would need an LOI before they would do a second pad. The City suggested eight interested users. Two have now submitted LOIs. Hopefully, the first LOI will be accepted by end of June. Access from CFI into Walmart should be under construction by August.
  •   A couple of groups are interested in pads on Plaza 5400, but there is really only room for one.
  •   One national retailer said that they would like to open a store in Taylorsville but they have serious concerns about the look and feel of Redwood Road north of 5400 South.
  •   In the next three months, residents can expect as many as five or six restaurants and one or two employment tenants to announce Taylorsville sites.
o AMEX property
  •   19.4 acres owned by AMEX.
  •   Because of the Dodd-Frank Act, they can no longer hold real estate that is not needed for
    their local business.
  •   One offer is under option right now. They are doing their due diligence. This is for a
    small office park, with four to five 100,000 sf office buildings. It will be mid-August before they will need to close.
      There is currently a 100-foot access into the property. The City will work with AMEX and Inland Reit to create a second access.
      Unified State Laboratories (USL) phase II building has been funded with $2.3 M to do full design and engineering for completion of the second lab building. By fall of 2014, that should be under construction at a $23M cost.
      Bus Rapid Transit (BRT) is approved to run from Intermountain Medical Center (IMC) in Murray, up to 4700 South in Taylorsville and then to SLCC. The plan is being discussed to extend the BRT line back to 4700 South and to run it west to 2700 West and then go north to connect to Valley Fair Mall (green line).
      There is a large employment population to be served along this route, including: 2300AMEX,400USL,and500+atUDOT
      UTA needs more money to do this.
o Q & A
  •   Q: Will the new budget allow the city to continue with these plans?
    A: There may need to be some adjustments, but there probably is enough to keep
  •   Q: What are the plans for the RC Willey building?
    A: June of next year RC Willey will have Draper building done. The City will need to meet with Scott Hymas. They are currently talking to potential tenants and probably will close on one soon.

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