Residents of northwest Salt Lake City could be the beneficiaries of a new park as part of a city plan to buy a housing project. The City Council will discuss funding the project during a public hearing Tuesday.
The council will hear public comment on using Community Block Grant Funds to repay a loan to purchase the Canterbury Apartments, 1357 N. Morton Dr., in a northwest part of the city.Purchase of the apartments will help the city offset a $2.8 million debt suffered by the city's independent Housing Development Corp. The apartment's net value and revenue would go toward offsetting the red ink.
In seeking approval for the purchase from Canterbury residents and neighbors, the city could offer to swap nearby land to construct the $150,000 first phase of a park, Budget Analyst Cam Caldwell wrote in a report to the council.
"The neighborhood would like the city to consider the construction of a neighborhood park as part of its commitment to helping make the neighborhood more attractive as a residential area,' Caldwell said.
Purchase of Canterbury as well as the pending acquisition of the Ben Albert Apartments, 130 S. Fifth East, are the two main elements of a plan to retire HDC's debt, discovered in 1987.
The plan involves using $2.3 million in federal grant money to purchase assets as well as liquidating $900,000 in development corporation property to balance out the $2.8 million debt.
The hearing on using CDBG funds for Canterbury Apartment's purchase is scheduled for 6:30 p.m. Tuesday in council chambers at City Hall, 324 S. State Street.