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Zions Bancorporation (NASDAQ: ZION) today announced several leadership changes which will become effective on April 1, 2024, at Zions Bank, Zions Bancorporation's largest banking division, and at the parent company.

Salt Lake City Council approves Affordable Housing Incentives

Salt Lake City—In a pivotal decision Tuesday evening, the Salt Lake City Council voted to approve Affordable Housing Incentives (AHI) zoning changes to encourage affordable housing construction across the City. This landmark decision comes after months of thorough Council deliberations, underscoring the City’s commitment to making Salt Lake City an affordable place to live despite growth and change.

“I consider it a big win to adopt the Affordable Housing Incentives in response to rising housing costs and insufficient housing stock,” said Salt Lake City Council Chair Darin Mano. “Encouraging and making it potentially less costly for developers to include affordable units in their projects will help increase our housing stock and curb displacement.”

The AHI zoning amendments would provide incentives for developers that include affordable homes in their projects. Qualifying projects may receive incentives such as increased density, modifications to zoning codes, allowing additional height in specific districts, reduced parking requirements, diverse housing types, and streamlined planning processes.

“I am proud of the City Council’s thoughtful discussion and action tonight to advance initiatives that will generate transformational change in our City and support residents and visitors for generations,” said Salt Lake City Mayor Erin Mendenhall.

The Council also voted to create a new form-based zone and apply it to the Fleet Block, the City’s former fleet facility. The Fleet Block has become a center for artistic expression and memorialization amidst calls for social justice and police reform. The City’s discussions about redeveloping the 10-acre block have been ongoing since the relocation of the City’s fleet maintenance facility over a decade ago.

The City plans to redevelop the block into an inclusive community asset featuring affordable housing, commercial spaces and a new public square intended to promote reflection and memorialization in a part of the City that lacks green space.