LAYTON -- A proposed Centerville business complex called Legacy Crossing will get taxpayer help despite the initial objections of some Davis School Board members.
On Tuesday, both the school board and the Davis County Commission approved separate financial-assistance programs aimed at helping start the $27 million project.
Legacy Crossing would include a Larry H. Miller 14-screen Megaplex Theater, similar to the theater at The Junction in Ogden, along with a 170-apartment unit, restaurants, and retail and office space.
At their regular weekly meeting, Davis County commissioners approved transferring to the city of Centerville the ability to sell $2.8 million in tax-exempt bonds to help build the project.
The bond program is part of a federal stimulus package given to the county.
Legacy Crossing officials told the county their project would generate 30 full-time jobs, 125 part-time jobs and 200 construction jobs as the theater is built.
Commissioners said it is the kind of project they want to encourage.
"This is one of many we hope to bring to the community," said Commissioner Louenda Downs.
The project also received approval Tuesday evening by the Davis School Board, even though a few members said several weeks ago they had not had enough time to consider it.
Dan Bridenstine, with U.S. Development, which is part of Legacy Crossing LLC, said the school board's approval was the last hurdle in getting the redevelopment agency approved.
"Without the RDA, we wouldn't have been able to get the infrastructure needed in the area," Bridenstine said after the meeting.
Now with the go-ahead, he and others working on the project can begin finishing up details with the city to get site plans approved.
Davis School Board members met to decide if they would financially support the proposed mixed development along Parrish Lane between Interstate 15 and Legacy Park.
"It's very important to know we're not going to lose penny one on this development," said school board member Tamara Lowe. "We get the same amount of (property) taxes whether the project goes or doesn't go. We gain tax revenue if the project is successful."
Developers are asking taxing entities, such as the school district, to hold off collecting 30 percent of increased property taxes for 15 years on the area that is developed.
Bridenstine said that is a conservative amount. In the past, other RDAs have asked taxing entities to forgo up to 80 percent of increased property taxes on areas that are developed.
Centerville already agreed to forgo 50 percent of any increased property taxes for the next 15 years.
At least two school board members raised concerns in a work session July 13 about the school district giving away tax dollars as the district struggles with budget cuts.
School board member Barbara Smith said at Tuesday's meeting she was concerned that board members were not given more time to study the issue.
Bridenstine said he and others met individually with board members over the past two weeks to answer questions and go over the numbers.
The Davis school system would hand over almost $3.2 million over 15 years.
The plan is to use the tax dollars not given to the schools and other entities to improve infrastructure, such as roads, water lines and storm sewer lines at the business complex.
The tax money would be funneled through a special agency called the Centerville Parrish-Legacy Crossing Community Development Agency.
Developers hope to start up the theater portion of the project this fall and finish in October 2011.
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