WOODLAND HILLS While the economic slowdown stalls development around the nation, this small Utah County community is hoping to stimulate build-out by slashing lot prices and deferring most building fees.
City Councilman Steve Carter said developers will reduce lot prices in Woodland Hills, which is home to about 1,000 people, by up to 40 percent.
A plot of land that is priced at $250,000 could be sold for as little as $150,000.
Carter said the offer is for a limited time only. After 10 lots are sold the prices will return to normal levels.
Carter said the economic slowdown was an influence in the city's decision to stimulate development.
"That has been a major consideration," he said. "For anybody that's trying to sell the lot, the slowdown has been a factor."
On the city's part, Carter said building permit applications will be processed for only $1, with all fees deferred for up to a year, even presenting the chance to fold those fees into mortgages.
Carter said the strategy came by way of the Woodland Hills Financial Committee, which recommended the price slash and fee deferral as a way to ensure the city's future financial health.
"From a city standpoint, we see the future of the city financial will be healthier when all these lots are built out and people are paying property taxes on them," he said.
Carter said people can go to woodlandhillsutah.info to learn more about the building incentives as well as life in Woodland Hills.Woodland Hills is located eight miles south of Spanish Fork.