Thursday, July 10, 2014

Council Gives “Go Ahead” to South Downtown CDA

The Provo Council recently adopted a proposed South Downtown Community Development Project Area Plan by ordinance. (Full text can be read here).

This Community Development Area designates a zone of downtown Provo as eligible for Tax Increment Financing to promote development in the area.

Boundaries of the Area
The approximate boundaries of the Community Development Area are from 100 south to Provo Town Center Mall, with a western boundary at approximately 300 west, and as the boundary moves farther south, 500 west. An eastern boundary exists west of 100 east. The Provo Frontrunner station lies at the heart of the area.  
(See map below for details.)

Key Points from Public Hearing Presentation
The Council also held a public hearing prior to adoption of the ordinance. Several key points were discussed to clarify frequently asked questions about the proposed Community Development Area. Here are a few of the most prominent. You can watch full presentation on Provo’s Channel 17 here.

  • The adoption does not mean property taxes in the zone will increase
  • The adoption does not mean property owners can be forced to sell their property
  • Provo has created 5 other Community Development Project Areas in the past
  • In cases where Tax Increment Financing is proposed for development projects, each of the taxing entities in the area (Provo City, Utah County, Provo School District and Central Utah Water) must agree to a development deal.
  • Future development proposals will be expected to follow current general plan and zoning policies unless developers go through a public process to amend them with subsequent City Council support

For More Info

You can read more about “What is a Community Development Project Area?”, “What is Tax Increment Financing” at this post. More information is also available on here, and at Provo Redevelopment’s site here.

If you have comments or questions for Council Members, you may either leave them as a comment here, or reach your Council Member directly here

No comments:

Post a Comment