Kennecott Land's undeveloped territory in western Salt Lake County has the potential of bringing billions of dollars in taxes and hundreds of thousands of new jobs to the area at build-out, according to a study released Monday by the University of Utah's Bureau of Economic Business Research.
The development company owns 40,000 developable acres about half of the remaining developable land in Salt Lake County on the West Bench. The company plans to develop the area over the next 50 to 75 years.
If the plans are realized, it could bring an economic windfall to the region.
It is estimated that between 2010 and 2060 local governments will collect an estimated $12 billion in taxes and fees from the development, according to the study. When the development is completed, it is estimated the West Bench area will generate $480 million annually in local tax revenue.
The development will generate some 260,000 jobs by the year 2060, which will support an additional 198,800 people in Salt Lake County, according to the study.
Plans for developing the West Bench include 200,000 residential units with 600,000 people, 8.1 million square feet of retail space, 24.7 million square feet of industrial space and 25.8 million square feet of office space.