The Provo City Redevelopment Agency (“RDA”) is a separate agency from Provo City, but the municipal council is the governing board, and the mayor is the chief executive officer. It is charged with revitalizing Provo’s central business district and administering HUD programs, among other things. Here are some of the many things it accomplished last year:
Opening of the Utah Valley Convention Center. The RDA was instrumental in assisting Utah County with initial project feasibility studies, conceptual project design, site assembly, and cost of site purchase, and bond finance.
Storefront Improvement Grants. Using the grants offered by the RDA, five Center Street buildings completed facade improvements, five more have construction currently underway, and five have applications in process. In addition, one building has completed exterior painting using an RDA paint grant, and two paint jobs are under way.
New Multifamily Housing. Following a thorough proposal process, the RDA negotiated the sale of the former Paramount Theater property at 63 E. Center. The buyer plans to build 41 apartments above ground-floor retail/dining. Construction is scheduled to begin early in 2013.
Block 70. The RDA also entertained several offers to purchase and redevelop RDA property on the east half of Block 70 (immediately north of the City Center), and determined to enter into exclusive negotiations with Cowboy Partners for the project. Cowboy is planning 175 apartments with ground-floor retail/dining and integrated structured parking.
Downtown Payment-Closing Cost Loans. The RDA closed 34 second mortgages to assist families in becoming Provo homeowners. Eight more applications are currently in process.
Pioneer Neighborhoods Gateway Signs. The RDA erected signs in six neighborhoods to help create neighborhood identity in areas surrounding the downtown.
Grants. The RDA administered CDBG and HOME grants to assist with several project in Provo, including the splash pad at Pioneer Park, the new community center at The Boulders Apartments, construction of a new Habitat for Humanity house, and more.