Weber commission OK's tax flow to Powder Mountain development
Wednesday , July 02, 2014 - 1:19 PM
File photo of aerial view of Powder Mountain during gathering at Hidden lake area....
OGDEN — Weber County Commissioners approved an interlocal agreement Tuesday to allow a portion of newly created property tax revenue from Summit-Eden’s Powder Mountain development to flow back into the project over 20 years and fund the installation of roads, sewer and gas lines, fiberoptic cable and more.
The new contract involves two principal taxing entities — Weber County and the Weber School District.
“The interlocal agreements simply set the rate and term for participation in the Community Development Area program,” said Douglas Larsen, director of Weber Economic Development Partnership.
Weber County agreed to forego 75 percent of new property tax revenues for the project’s first 10 years, then decreasing to 50 percent years 11 through 20, while the Weber School District will forego 50 percent over all 20 years, terminating no later than December 2037.
The four-phased Summit-Eden Powder Mountain project area spans 6,278 acres of property that in 2012 held a taxable value of about $875,062, according to the new agreement.
If all goes according to plan, the finished development will feature up to 1,000 single and multi-family dwelling units plus 290,000 square feet of commercial space — including hotels, restaurants and lodges.
The project plan approved by commissioners last October projected infrastructure investment at almost $102 million — including electricity, roads and bridges, fiber optics, natural gas, culinary water, sanitary sewer and geothermal systems. At completion, the property’s total taxable value is projected to exceed $1 billion.
“The beauty of the property tax participation structure in Weber County and Utah is that it’s all push performance,” Larsen said. “The tax increment is not generated until the developer develops new taxable value.”
Larsen praised Summit and Weber’s public-private partnership on the project.
“Change is coming irregardless,” Larsen said, “and by partnering on this project we have an opportunity to help manage this change . . . we get to participate directly in how and when that development will move forward.”
In other business Tuesday, Weber County Commissioners unanimously approved new jail visitation fees for all online visits and any extra visits beyond the allotted one to two per week depending on an inmate’s status.
Online visits with inmates will cost $10 for 25 minutes or $20 for 50 minutes. All additional inmate site visits at the Weber County Jail (beyond the allowed one to two per week) will cost $10 each.
Contact reporter Cathy McKitrick at 801-625-4214 or firstname.lastname@example.org. Follow her on Twitter at @catmck.STORY:201407010156Weber commission OK's tax flow to Powder Mountain development/Business/2014/07/02/Weber-Commissioners-OK-tax-flow-to-Powder-Mountain-development-also-new-jail-fees.html-1
Popular Stories for Business
NEW YORK — Wal-Mart Stores’s chief spokesman has resigned after the company discovered an almost two- decade-old falsehood in his official biography, a...
Wal-Mart spokesman said to resign over falsehood in his resume /Business/2014/09/16/Wal-Mart-spokesman-said-to-resign-over-falsehood-in-his-resume.html 3
TREMONTON — Malouf Fine Linens started in 2003 as a way for Sam and Kacie Malouf to share their passion for fine European bedding. The couple wanted to...
Empty Tremonton La-Z-Boy plant finally sells /Business/2014/09/18/Empty-La-Z-Boy-plant-finally-sells.html 3