Ogden agency requests agreements to develop Stockyard Exchange building
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- This rendering shows a possible renovation concept for the historic Stockyard Exchange building in west Ogden.
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- These undated photos show the interior of the Stockyard Exchange building in west Ogden.
OGDEN — Brandon Cooper, Ogden City’s director of community and economic development, brought two proposals before City Council members on Tuesday.
Ogden’s Redevelopment Agency is looking to enter into a pair of agreements with Denver-based developer Q Factor for the rehabilitation and further development of the Union Stockyard Exchange building.
The proposed land transfer and development agreement and a participation and incentive agreement would allow the RDA to convey 1.81 acres of property to Q Factor for $195,000 while also providing an incentive of up to $800,000 in capital improvement funding.
Renovating the historic building, which has been largely vacant since the 1980s, is going to be a costly endeavor, Cooper said.
According to Cooper, most of the building is intact except for the northwest corner, which has severe damage due to weather.
A company was hired to visit the site two times a week as well as coming on call to board up windows and lock doors.
“Over the years, no matter we do, it’s been an ongoing challenge to keep the building intact and safe,” Cooper said, adding that rehabilitation of the Stockyard Exchange building would provide much-needed square footage for the proposed mixed-use development.
In working with the developer to come up with the best contemporary usability of the space, analyzing both interior and exterior elements, various plans were drawn up. However, for various reasons, Cooper said they did not hold up.
The Ogden City Planning Commission went before the City Council last month seeking changes to design standards in the Business Exchange-Historic Zone.
Among proposed changes to BEH Zone design standards was an increase in maximum building height. While the proposed project was approved by the Ogden City Landmarks Commission, it did receive one “no” vote based on height.
The proposed building would have a height measuring 45 feet in the front with a 15-foot set back, bringing the total rear height of the building to 60 feet.
Cooper said the ability to marry the old with the new while creating more square footage makes the project feasible.
“I think the architects who designed the project have been the most considerate and sensitive to historical elements than anyone we have worked with,” Cooper said of his experience over the last 12 years with the Stockyard Exchange building.
Council member Richard Hyer was reluctant to put the proposal on the agenda for consideration, saying his mind could be changed if the height was not so tall, but he said he does not think his concern is going to carry much weight.
Should the land transfer and development agreement be approved, the project would have to be completed by 2026 in order to be eligible for the $800,000 incentive and avoid penalties.
The developer, pending approval from the council, would need to jump into final design followed by permitting and funding if they are to adhere to the timeline, Cooper said.
Ogden City Comptroller Lisa Stout proposed amendments to the fiscal year 2023 budget following Cooper’s presentation, asking for approval to move $845,000 from the Capital Improvement Plan, appropriated in fiscal year 2022, to the RDA to fund the proposed Stockyard Exchange project.
According to Stout, the RDA has an opening budget of just over $1 million, which would cover the purchase price of the property at $195,000. With some closing costs added, Stout brought the figure up to $200,000. She said cleanup costs for the property are estimated at $40,000.