From Deseret News archives:
Davis may forgo some tax revenue in North Salt Lake
Eaglewood Village, under construction on the southern Davis County border near U.S. 89, is transforming a defunct gravel pit into a mixed-use development with 340,000 square feet of office space, 120,000 square feet of retail, condominiums, single-family homes and trails.
Once completed, the development is expected to be valued at about $200 million.
The seven entities that levy taxes in that area of North Salt Lake would normally receive property tax revenue to help fund government operations.
But with the creation of a community development area, or CDA, the taxing entities may voluntarily send a portion of that revenue back to help the developers complete construction on the project.
The CDA revenue will help fund the costs of installing extensive drainage, widening U.S. 89 and building other infrastructure.
Davis County's letter of intent, agreed to unanimously by county commissioners Tuesday, states the county would like to participate and forgo $3 million over the next 15 years.
After 15 years, Davis County would begin collecting 100 percent of the property tax revenue.
Ben Lowe, a principal with Compass Development, Eaglewood Village's developer, expects to make the same request at the other four taxing entities in the area: the Davis Mosquito Abatement District, Weber Basin Water Conservancy District, South Davis Sewer District and the Davis School District, whose taxes make up about 60 percent of the property tax burden for Davis County residents.
The CDA plan has found tentative favor so far because the revenue generated from the property currently is negligible, said Kent Sulser, Davis County's manager of economic development.
"The property doesn't produce anything," Sulser said.
And it hasn't produced anything for decades since gravel operations ceased.
So any revenue the project generates will be new revenue for local governments, said North Salt Lake Mayor Shanna Schaefermeyer.
And after 15 years, those entities will collect all of the revenue they're entitled to.
"We're always known as the city with the gravel pit and refinery entrance," Schaefermeyer said during Eaglewood Village's groundbreaking ceremony in December.
On Tuesday, Schaefermeyer continued that message, telling commissioners that not only will Eaglewood Village become a "showcase entrance" to Davis County, but it will bring life-sustaining jobs to the county while cutting some of the traffic that flows to Salt Lake County every day.
E-mail: jdougherty@desnews.com
Comments
- These guys love a good argument 12:56 p.m.
- Vonn skis out in slalom 12:40 p.m.
- Boyle's album tops Britain's charts 12:35 p.m.
- Woods says accident 'my fault' 12:28 p.m.
- Preventing small plane crashes 12:13 p.m.
- Giving heart to women who exercise 11:55 a.m.
- 4 police officers shot dead in Wash. 11:50 a.m.
- Leno losing his audience to DVR 11:43 a.m.
- Northeast scallopers decry cuts 11:29 a.m.
- $ needed to ease U.N. climate deal 11:17 a.m.
- Hall mouths off about hate of Utah
- BYU is champion of the state
- Cougars beat Utes in overtime
- Credit Coug defense for win
- Cave to be sealed with body inside
- Field goals, penalties doomed Utes
- Cougar defense rose to occasion
- Marriage definitions vary widely
- Jones' joy for life remembered
- Banged up Jazz get best of Blazers
- Hall mouths off about hate of Utah
451 - Cougars beat Utes in overtime
447 - Thunder rolls by Jazz
136 - Man trapped in Nutty Putty cave dies
116 - Cave to be sealed with body inside
115 - Editorial: Poor welcome for Palin
113 - BYU is champion of the state
101 - Rivalry Week is highly profane
89 - Hall's legacy measured today
76 - Y. focused on 10-win season
73
I wanted to tell them not to go. I dropped subtle hints. "My money is on...
When I was a kid, I worshipped my grandpa. He was undoubtedly my hero....
You fumbled it again Max. You've turned into everything you claim to hate.
Congratulations BYU. Max, only thing more classless than a sore loser is a...
It's amazing to read all these Ute fans all riled up about being lumped in...
"So can you feel the love? Max Hall's post game comments are far from humble...
Oh my goodness!!! That is a so sad! My husband is a police officer and I can...
Nobody wanted to play BYU in its bowl game in 1984. So there is no asterisk...
embarrased by his remarks. He is not right, so I won't get over it. Get...
Again the Utah fans are poor little victims. Two years ago it was mean...
There's two very different issues: 1) must society call homosexual unions by...
Win or lose the Utah State fans stay for everything. Those are what real...



You can be the first to comment on this story.