Budget is approved for Market Station

SOUTH SALT LAKE — The City Council here voted unanimously Wednesday night to approve a budget and plan for the Market Station redevelopment area.

The approval represented the city's endorsement of the development near 2100 South and State Street. The $500 million project will include a 27-story condominium building and 18 other buildings housing additional owner-occupied housing units, prime office space and about 18,000 feet of retail capacity.

The project has already received approval from a committee made up of various government taxing entities, including the Granite School District. The committee members agreed to let the development retain 75 percent of the increase in property taxes generated over 15 years.

The committee is also expecting the city to contribute about $1.6 million in sales taxes generated by the project. However, the City Council has yet to vote on the issue.