LAYTON — A developer’s plan to create a transit-oriented development project near the city’s rail stop is inching closer to reality after almost two years of delays.
The city’s Redevelopment Agency recently voted unanimously to provide $780,000 in funding for the 156-unit project. Approximately $600,000 of that funding will be provided up-front, with another $180,000 to be added over 10 years.
The estimated cost of the project is $17 million.
Initially, the RDA proposed $700,000 funding, but local officials added another $80,000 in RDA assistance to the project in $8,000 increments over the next decade.
The project will be at approximately 100 S. Main St., near the city’s rail stop on property zoned mixed-use transit-oriented development.
Besides the funding, the RDA voted in the same meeting to amend the agreement with the development to change the time frame for the project’s completion.
The project, known as Kays Crossing, is scheduled to begin by Jan. 31, and be completed by Feb. 28, 2015.
Drawn-out negotiations on a land swap between the development company, Kays Crossing LLC. and the Utah Transit Authority necessitated the time changes.
UTA owns one of the three parcels of land being developed on the 3.39-acre plat.
The others are owned by Larry Hill and Gibbs and Kathryn Smith.
Jared Nielsen, of Kays Crossing LLC., has been negotiating with UTA for more than a year but said an agreement between the two is now almost in place.
“It’s been a long, drawn-out and crazy long process. They keep coming back with new times. It’s taken well over one and half years to get a contract in place,” Nielsen said. He said financing is being squared away for the project as well.
Kent Andersens, a city official involved with economic development, said Nielsen’s proposed project building includes 156 units of housing and a bottom floor where retail space or other amenities could be located, with frontage to South Main Street.