OGDEN — The Ogden City Council will soon vote on a massive plan that could bring more than $200 million worth of new construction to a six-block section of downtown.
A public hearing on the city’s Continental Community Reinvestment Area plan and budget has been set for 6 p.m. Tuesday, Jan. 22 at the Ogden Municipal Building, 2549 Washington Blvd. Following the hearing, where the public will have the chance to address the council with potential concerns about the project, council members will vote on a resolution that would authorize the massive undertaking.
The CRA, located inside a six-block area between Wall Avenue and Washington Boulevard and 25th and 27th streets, would use tax incentives to help fund a host of redevelopment projects: vacant building removal, development of new housing units, public infrastructure improvements and the renovation of existing buildings.
Key projects associated with the CRA include the construction of single-family and multi-family units, consolidation of parking and the redevelopment of portions of the municipal block.
Project expenditures for the CRA could total as much as $236.2 million.
Brandon Cooper, Ogden’s deputy director of Community and Economic Development, has said the redevelopment of the old Hostess factory site just west of the municipal building, is a large piece of the endeavor.
The factory was demolished last year and it’s planned that the site be used for a large-scale, mixed-use development that would stretch between Lincoln and Grant avenues — from 26th Street to the alley immediately behind businesses on the south side of 25th Street.
That particular development would include space for condos, rental units and office buildings.
Cooper said a developer has expressed interest in the site, with financing possibly closing by the end of this year or early 2020 and construction beginning soon after.
The CRA would freeze the tax valuation for all taxable properties inside the project area. If approved, tax increment will be collected from Ogden, Weber County and the Ogden School District at a rate of 90 percent for up to 22 years, or until certain dollar thresholds are met.
The CRA asks for a maximum contribution of $7.1 million from the county, $7.8 million from the city and $20.1 million from the school district.
The 90 percent collection rate means the taxing entities would be able to collect up to 10 percent of any new property tax revenues generated by the development.
The city estimates about $163 million in added taxable valuation by the time the plan is finished.