Granite School District OKs funding for Cottonwood Mall redevelopment

Andrew Adams reportingThe Granite School District will pony up to make the redevelopment project of the old Cottonwood Mall work.

It's agreed to hand over $52 million in tax money to the project. That, combined with the Salt Lake County Council's conditional approval, and it looks like this thing and its high-end condos and hundreds of thousands of square feet of retail and office space may be a done deal.

The district trusts it will get back its money and more from sales and property taxes when the new mall opens.

The district is kind of paying it forward here. It will only get $171,000 per year in return until the development is complete. But then, that number grows to $905,000. And when the 20-year bond is paid off? Four million dollars per year.

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