Golden Links
REDEVELOPMENT PROJECT AREA #8 GOLDEN LINKS
The Golden Links Redevelopment Project Area was formed in 1986 and, at 1.44
acres, is the smallest of Ogden's redevelopment project areas. The Area consists
exclusively of property owned by the Independent Order of Oddfellows, mostly
at the center of a city block. It was established in response to a request by
the Oddfellows for assistance in developing a not-for-profit housing project
for the elderly and disabled on mostly vacant land.
The Oddfellows had already obtained most of the funding for the project from
HUD. However, to help the Oddfellows with land costs that HUD would not cover
and to pay for aesthetic changes that HUD refused to fund, but which the City
felt were important to mitigate the impact of the project, the City loaned the
RDA $70,000. The RDA loaned this money to the Oddfellows to assist with the
development of the project. The interest rate was established at the inter-fund
rate, and the City assessed the RDA O & A charges of $10,500. The loan,
interest and O & A were to be repaid through tax increment.
The Oddfellows also agreed not to request tax exempt status for at least 15
years. They further agreed to try to acquire and develop other small contiguous
parcels on the interior of the block that had no street frontage. They were
able to obtain one such parcel as a donation from Smith's Management Company
and developed it as a minipark for the use of Golden Links tenants, thereby
further enhancing the attractiveness of the project.
The increment is paying down both the principal and interest on the City's
loan, with the O & A fee owed to Ogden City still outstanding.
***No CDBG funding is tied to this District. |