- Associated Press - Thursday, March 17, 2016

SALT LAKE CITY (AP) - Salt Lake City has agreed to help a company buy property for a new headquarters with a $2 million loan.

The Salt Lake Tribune reports (https://bit.ly/22o63Bb ) that the city’s Redevelopment Agency Board on Tuesday approved a low-interest loan for the Cicero Group, a Utah-based global data-analysis and consulting firm. The group plans to pay $10 million for a building at The Gateway mall to use for corporate offices.

Cicero CEO Randy Shumway says they are buying the building in hopes of staying in the area for a long time.

Critics of the loan say it will wipe out the urban-renewal agency’s funds. Officials say they will take a detailed look at the RDA’s loan portfolio before backing the incentives for Cicero.

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Information from: The Salt Lake Tribune, https://www.sltrib.com

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