Heber City’s community reinvestment agency, or CRA, is meant to spur downtown revitalization. The plan relies on tax sharing agreements to help the city make road, utility and parking investments along with other improvements downtown.
In exchange for Heber’s reinvestment projects, local governments participating in the CRA agree to defer some of their tax revenue from new property value in the area for a set amount of time.
Now, the Heber City Council is considering whether to use a tax increment financing agreement to support the New London development.
That’s the proposed mixed-use development to be constructed near Smith’s Marketplace in north Heber.
City manager Matt Brower said he believes councilmembers will be supportive of the tax sharing plan.
“They appreciated the quality of the project, particularly as it’s located at an entry corridor of the downtown,” he said.
At the council meeting Tuesday, Oct. 21, developers from the Ritchie Group will share estimates for the project’s future with and without tax increment financing.
They say support from the CRA would help them build a more robust development, including more retail, a Marriott hotel, a parking garage and more community gathering spaces.
In the long run, the group argues it will also be more profitable for local governments to invest in the plan.
The development, now being called “Station Seven,” is planned for the intersection of U.S. 40 and Heritage Farms Parkway.
Depending on the tax increment financing local governments agree upon, the development will include between 245 and 267 residential units, between 20,000 and 57,000 square feet of retail and up to 110 hotel rooms.
Heber City’s decision will be made by its CRA board, which is made up of the same members as the city council.
The Heber City Council meeting begins at 6 p.m. Tuesday. For an agenda and a link to attend virtually, visit the city website.
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