The project promised 197 deeply affordable units in a region that desperately needs them. How did the deal crumble?
A plan to create 197 deeply affordable units in Salt Lake City evaporated. What will happen to the millions of taxpayer dollars committed to it?
“My general feel is that it’ll be better for me, it’ll be better for the city and it will be better for the state,” he said. “It’ll be better for the property and neighborhood, as well.”Salt Lake City did its best to make the deal work, but the project’s unraveling, Warburton said, stemmed mostly from his inability to access the $2 million grant from the city.
Meanwhile, Hunsaker said, Warburton didn’t respond when the city requested information needed to issue a building permit. Warburton contends he was in communication with the city the entire time but architects for the project stopped responding because they were waiting for payment. Warburton said not getting his hands on the city’s grant prevented him from securing additional funding from the lender.
Meanwhile, Warburton said he was getting charged a water bill of $9,800 a month for a mostly vacant building with two tenants who paid a combined monthly rent of $5,000.Despite the project falling apart, taxpayers won’t lose their investment. The Redevelopment Agency awarded the loan, but Warburton said he never accepted the money. The nearly $4 million grant he got from the state last year will be returned, he said.
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