Ivory Homes and Woodbury Corporation, locally owned and family operated businesses, have worked in good faith with residents of Holladay City to redevelop the former Cottonwood Mall, now named Holladay Quarter. Unfortunately, misinformation continues to circulate, including a recent letter to the editor. I’m writing to correct the record.
Holladay Quarter will provide a new mixed-use neighborhood that will replace a decade of dirt. This neighborhood will have a healthy mix of housing options that will complement modern retail. Multi-family residences will be built over 7-10 years and carefully mixed with single-family residences. These apartments will not be anywhere near the scale the author indicates.
The public process created important compromises that protect the values of Holladay City and create a thriving retail center. That’s why the final plan received unanimous support. We reduced the number of apartment units by nearly 30 percent or approximately 300. These high-quality housing units will add vitality to the development and be critical to the success of the restaurants and retail residents desire. In many cases, the residences will be home to the senior parents, children and grandchildren of Holladay residents and will add much to the community.
The opposition has also mischaracterized the city’s use of tax increment financing. Over the life of the agreement, $22 million will be invested into upgrades for public infrastructure to make the site viable to develop. Nearly 90 percent will come from taxing entities outside Holladay. These funds will be generated from property taxes we will pay on the site, not general fund dollars.
Holladay City’s investment of $52,674 in the first year, or $3.2 million total, will return $6.5 million in new revenue and $335 million of new investment in the community. Add to that millions in additional revenue that will come after the agreement ends and you have a more accurate picture of the financial benefit.
Let’s stick with the facts, stop the misinformation and replace a decade of dirt with a great community development.
Michael Parker, vice president of public affairs and senior economist for Ivory Homes.
Salt Lake City