Private Activity Bond Authority Program (PAB) Board Meeting - October 8, 2025
Notice Tags
Department of Workforce Services, PAB
Notice Type(s)
Meeting
Event Start Date & Time
October 8, 2025 02:00 PM
Event End Date & Time
October 8, 2025 05:00 PM
Description/Agenda
PRIVATE ACTIVITY BOND PROGRAM
NOTICE OF PUBLIC MEETING
October 8, 2025, at 2:00 p.m.
Utah State Capitol Building Second Floor
Capitol Board Room
350 N State Street
Salt Lake City, Utah 84114
This meeting will be streamed at: https://utah-gov.zoom.us/j/89424478439
John T. Crandall, Chairman of the Board
AGENDA
I. Welcome and Introductions
II. Public Comment
III. Approval of July 9, 2025 Minutes
IV. Meeting Action Items:
A. Action Item: Adoption of 2026 Meeting Dates
B. Action Item: Approve Changes to Private Activity Bond Policy
C. Action Item: Approve Changes to Administrative Rule R990-200
V. Status Updates
A. Status of Accounts
B. Project Closing/Groundbreaking/Ribbon Cutting Updates, if applicable
VI. Action Item: Volume Cap Extension Requests
A. Single Family Housing
1. Utah Housing Corporation Third Extension
Single Family Allotment for 2025 - $191,297,269.80
B. Multifamily Housing Projects
1. Camden Court (fka 1300 S Apartments)
96 Units - 100% Affordable
New Construction 400 W 1215-1225 South;
Developer - Hermes Affordable Svcs 390 W 1300 South
Original Allocation: $19,100,000 Salt Lake City, UT 84101
2. Flats at Folsom
188 Units - 100% Affordable
New Construction 16 South 800 West
Developer - Lincoln Ave Communities Salt Lake City, UT 84104
Original Allocation: $30,848,000 [July 2025]
3. The Hive on 11th
169 Units - 100% Affordable
New Construction 1116 S Richards Street
Developer - Lincoln Ave Communities SLC, UT 84101
Original Allocation: $27,155,000 [July 2025]
4. Brooklyn Yard Second Extension
171 Units - 100% Affordable
New Construction 269 Brooklyn Avenue
Developer - Brinshore Development SLC, UT 84101
Original Allocation: $29,210,000 [April 2025]
5. Daybreak Phase II Third Extension
184 Units - 100% Affordable
New Construction 10851 S Grandville Ave
Developer - Wasatch Residential Group South Jordan, UT 84009
Original Allocation: $33,000,000 [January 2025]
6. SSL Apartments Third Extension
255 Units - 100% Affordable
New Construction 55 East Haven Ave
Developer - BCF ARC Fund South Salt Lake, UT 84115
Original Allocation: $50,000,000 [January 2025]
7. The Cooperative 1581 Apartments Third Extension
144 Units - 100% Affordable
New Construction 1581 Millcreek Drive
Developer - 22 Communities & Garn Development Moab, UT 84532
Original Allocation: $21,620,000 [January 2025]
8. The Cooperative 1881 Apartments Third Extension
198 Units - 100% Affordable
New Construction 1881 W North Temple
Developer - 22 Communities & Garn Development SLC, UT 84116
Original Allocation: $28,285,000 [January 2025]
9. Ventana Apartments Fourth Extension
120 Units - 100% Affordable
New Construction 970 E Kaneplex Drive
Developer - Acumen Development Kanab, UT 84741
Original Allocation: $11,800,000 [October 2024]
Additional Allocation Request: $1,500,000 [July 2025]
VII. Action Item: New Volume Cap Requests Amount Requested
A. Multifamily Housing Projects
1. Jefferson Apartments $11,600,000
182 Units - 100% Affordable
New Construction 1376-1390 S Jefferson St
Developer - Great Lakes Capital Salt Lake City, UT 84115
Score: 597
2. Kearns Apartments $10,900,000
82 Units - 100% Affordable
New Construction/Rehabilitation 5000 W 5035 S; 4950 W 5100 S
Developer - Brinshore/Housing Connect Kearns, UT 84118
Score: 590
3. Alta Fairpark* $20,000,000
165 Units - 100% Affordable
New Construction 140 North 1000 West
Developer - Alta Bay Capital Salt Lake City, UT 84116
Score: 575
*Project is anticipated to close in 2025 and is held to the 50% test policy
4. Senior Living at Millcreek $13,386,000
116 Units - 100% Affordable
New Construction 151 12th Street
Developer - SLAM Development Ogden, UT 84404
Score: 567
5. Lotus Crown $4,000,000
25 Units - 100% Affordable
New Construction 2331 Grant Ave
Developer - Lotus Company Ogden, UT 84401
Score: 493
6. Alta Bay Promontory Place $3,000,000
175 Units - 100% Affordable
New Construction - Post Closing Request 1025 W North Temple
Developer - Alta Bay Capital Salt Lake City, UT 84116
Original Allocation: $38,500,000 [April 2024]
Original Project Closing Date: [December 2024]
VIII. Other Business and Adjournment
A. Next Meeting - Wednesday, December 10, 2025
Notice of Special Accommodations (ADA)
In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Jenn Schumann (jdschumann@utah.gov)
Notice of Electronic or Telephone Participation
To attend virtually: https://utah-gov.zoom.us/j/89424478439
The personal data that you provide, or that is collected from you, when you attend or speak at a public meeting is classified as a public record pursuant to Utah Code 63G-2-301 of the Government Records Access Management Act (GRAMA), and may be made available to the public as provided by Utah Code 63G-2-201.
Find our Privacy Notice here. https://jobs.utah.gov/department/privacy.html
Other Information
The personal data that you provide, or that is collected from you, when you attend or speak at a public meeting is classified as a public record pursuant to Utah Code 63G-2-301 of the Government Records Access Management Act (GRAMA), and may be made available to the public as provided by Utah Code 63G-2-201.
Find our Privacy Notice here. https://jobs.utah.gov/department/privacy.html