Board Meeting: Private Activity Bond Program (PAB)
Notice Tags
Department of Workforce Services, PAB
Notice Type(s)
Meeting
Event Start Date & Time
January 14, 2026 09:00 AM
Event End Date & Time
January 14, 2026 12:00 PM
Description/Agenda
PRIVATE ACTIVITY BOND PROGRAM
NOTICE OF PUBLIC MEETING
January 14, 2026, at 9:00 a.m.
Olene Walker Building
140 East 300 South, Room 211
Salt Lake City, Utah 84111
This meeting will be streamed at: https://utah-gov.zoom.us/j/81799838985
Casey Cameron, Chair of the Board
Kamron Dalton, Conducting Meeting
AGENDA
I. Welcome and Introductions
II. Public Comment
III. Approval of December 10, 2025 Minutes
IV. Utah Board of Higher Education Relinquishment Reallocation
V. Status Updates
A. Status of Accounts
B. Project Updates
C. Relinquished Cap Updates, if applicable
VI. Volume Cap Extension Requests
A. AGENDA PLACEHOLDER - For Future Meetings
B. Multifamily Housing Projects
1. Alta Fairpark* First Extension
165 Units - 100% Affordable
New Construction 140 North 1000 West
Developer - Alta Bay Capital Salt Lake City, UT 84116
Original Allocation: $20,000,000 [October 2025]
Revised Allocation: $12,600,000 [January 2026]
2. Jefferson Apartments First Extension
182 Units - 100% Affordable
New Construction 1376-1390 S Jefferson St
Developer - Great Lakes Capital Salt Lake City, UT 84115
Original Allocation: $11,600,000 [October 2025]
3. Kearns Apartments First Extension
82 Units - 100% Affordable
New Construction/Rehabilitation 5000 W 5035 S; 4950 W 5100 S
Developer - Brinshore/Housing Connect Kearns, UT 84118
Original Allocation: $10,900,000 [October 2025]
4. Lotus Crown First Extension
25 Units - 100% Affordable
New Construction 2331 Grant Ave
Developer - Lotus Company Ogden, UT 84401
Original Allocation: $4,000,000 [October 2025]
5. Promontory Place First Extension
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]
Supplemental Allocation: $3,000,000 [October 2025]
6. Senior Living at Millcreek First Extension
116 Units - 100% Affordable
New Construction 151 12th Street
Developer - SLAM Development Ogden, UT 84404
Original Allocation: $13,386,000 [October 2025]
7. Camden Court (fka 1300 S Apartments) Second Extension
96 Units - 100% Affordable
New Construction 400 W 1215-1225 South;
Developer - Hermes Affordable Svcs 390 W 1300 South
Original Allocation: $19,100,000 [July 2025] Salt Lake City, UT 84101
8. Flats at Folsom Second Extension
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]
9. The Hive on 11th Second Extension
169 Units - 100% Affordable
New Construction 1116 S Richards Street
Developer - Lincoln Ave Communities SLC, UT 84101
Original Allocation: $27,155,000 [July 2025]
10. Brooklyn Yard Third Extension
171 Units - 100% Affordable
New Construction 269 Brooklyn Avenue
Developer - Brinshore Development SLC, UT 84101
Original Allocation: $29,210,000 [April 2025]
11. Daybreak Phase II Fourth 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]
12. The Cooperative 1881 Apartments Fourth 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]
13. Ventana Apartments Fifth 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. New Volume Cap Requests Amount Requested
A. PAB Application Overview & Staff Analysis
1. Utah Housing Corporation $198,654,857.10
2. Lotus Forge $17,000,000
193 Units - 100% Affordable
New Construction 2261 Grant Ave
Developer - Lotus Company Ogden, UT 84401
Score: 350
3. theAmelia $14,500,000
144 Units - 100% Affordable
New Construction 2331 Grant Ave
Developer - Cole West & Affordable Housing Specialists Centerville, UT 84014
Score: 330
4. Alta North Station $22,365,000
292 Units - 100% Affordable
New Construction 1865 West North Temple
Developer - Alta Bay Capital Salt Lake City, UT 84116
Score: 315
5. Lotus Vale $11,500,000
106 Units - 100% Affordable
New Construction 195 West 7200 South
Developer - Lotus Capital Midvale, UT 84111
Score: 270
6. Emeril Apartments $12,900,000
135 Units - 100% Affordable
New Construction 826 Emeril Avenue
Developer - Community Development Corporation Salt Lake City, UT 84116
Of Utah & BlueLine Development
Score: 250
7. South Salt Lake Affordable, Phase II $12,500,000
138 Units - 100% Affordable
New Construction 2250 S State Street
Developer - BCG ARC Fund South Salt Lake, UT 84115
Score: 240
8. The Gregory $15,800,000
169 Units - 100% Affordable
New Construction 738 W South Temple
Developer - Great Lakes Capital Salt Lake City, UT 84104
Score: 210
9. The Chicago $11,600,000
119 Units - 100% Affordable
New Construction 27-41 North Chicago Street
Developer - Great Lakes Capital Salt Lake City, UT 84104
Score: 170
VIII. Other Business and Adjournment
A. PAB Board Training - tentatively planned for Mid-March, date TBD
B. Next Meeting - Wednesday, April 08, 2026
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 Janell Quiroz jquiroz@utah.gov 3 days prior to the meeting.
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