OREM Orem city officials have agreed to help build the first level of the Midtown Village parking structure at 320 S. State paid for by assessments against the project.
The City Council on Tuesday unanimously approved the resolution creating a $7 million special-improvement district that's been in the works for months.
"This is a very complicated project," said Mayor Jerry Washburn. "A great many hours have been invested in this."
City Manager Jim Reams said the agreement constitutes a construction loan that acts as a lien against Midtown Village, which is worth many times the cost of the parking structure.
Orem has the right to foreclose if the project should stall.
Larry Myler, one of the project's owners, said he supports the city's action.
"I think the city made a wise choice in having the project bear the burden rather than the county taxpayers," he said.