Question: How much did the development of the mall cost? Did it really cost 5 billion dollars?

The City Creek Center cost is approximately $1.5 billion dollars

The City Creek Center cost is approximately $1.5 billion, not $5 billion. (The $5 billion figure is popularly used on ex-Mormon message boards)

No tithing funds are invested in the City Creek project. However, those funds that are invested may well pay dividends in the future, as well as providing many benefits to the community and those who live in it.

The motivation for the Church's involvement in the City Creek Center project is described in an extensive interview with Presiding Bishop H. David Burton: "Mormon leaders and Salt Lake City work together to transform land," Deseret News (7 March 2010). Deseret News has more information on the construction and financing (see here).

From the Wikipedia article "City Creek Center": "The City Creek Center is part of an estimated $5 billion sustainable design project to revitalize downtown Salt Lake City. The City Creek Center project itself has been estimated to cost around $1.5 billion." off-site

The "$5 billion" dollar figure refers to the cost of the entire Salt Lake City downtown redevelopment project, referred to as "Downtown Rising." The City Creek Center cost $1.5 Billion. Details about these projects may be viewed at Downtown Rising. Other projects include the following:

Utah Performing Arts Center
Frank E. Moss Federal Courthouse
Six Gateway
Questar Corporate Headquarters
Jessie Eccles Quinney Center For Dance and Capitol Theatre Renovation
Public Safety Building
Public Market
Convention Center Hotel
Utah Theater
City Creek
Gallivan Plaza
Harmons City Creek
The Leonardo
222 South Main
O.C. Tanner

Notes

Question: How much did the development of the mall cost? Did it really cost 5 billion dollars?