Its planners' "razzmatazz" has gotten Timpanogos Research and Technology Park named one of the top 10 development deals of 1987.
Site Selection Handbook, a monthly journal for developers and businesses that locate in developments, praised the Commission for Economic Development in Orem and city officials for the park's success.An article in the journal's April edition said Orem's "real estate legerdemain (sleight-of-hand)" allowed the city to purchase the 110 acres for about half the asked price in a "skillfully structured" 1985 deal. In an arrangement to minimize the seller's property taxes, a portion of the land was donated to the city. The remaining land was purchased for the promise of annual payments of $102,000 for 20 years. So the total cost is just over $2 million, rather than the $4 million it might have been.
Officials also were able to resell all lots within 18 months. The average development of this type usually takes four to 10 years longer to sell out, the article says.
"They thought it was very well-planned," DeLance Squire, commission executive, said. "It is a beautiful site, right next to the mountains, and we require 40 percent landscaping, so it is very green. It is in a nice residential area, and it has a campuslike feeling.
"And Site Selection Handbook thought the deal that got us the land showed real razzmatazz."
The park's first resident is WordPerfect Corp., a well-known word processing software developer. Other announced tenants include SOS Computers, ICON/SANYO and TransEra Corp.