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Show Standard Examiner Thursday, May 14, £ City poised for large retail venture Agreement will facilitate Marriott- Slaterville development MARRIOTT; SLAT'KRVILLE — About 43 acres of vacant land in this small Weber County city is now poised to develop into a commercial center that could yield significant tax revenues in the future. Right now the property northwest of west 12th Street and Interstate 15 sits idle and funnels $105 in property tax revenue to county coffers each year. On Tuesday, Weber County Commissioners unanimously approved an interlocal agreement with Marriott-Slaterville that places the "greenbelt" land into a community development area and commits 65 percent of the county's new property tax dollars generated by the project over 15 years to help install roads, sewer and other key infrastructure. "A critical piece is moving an existing detention basin that is a hurdle to development in this area," said Douglas Larsen, executive director for Weber Economic Development Partnership. Some of the tax increment financing could also fund the purchase of the land, Larsen Gibson added, and initial investments in the area could' reach about $15 million. "If they can get the project to move forward, this will be a retail environment and they're estimating approximately $50 million in retail sales," Larsen said, noting that the development will generate jobs, both directly and indirectly, and also improve access to goods and services in the area. During the life of the project, Weber County will receive 35 percent of the increased property tax revenue. Larsen projected that potential boost at about $22,000 per year by the end of the 15-year period. Sales tax revenues — based on $50 million in sales per year — could also bring the county nearly $150,000 per year or about $3,000 per each $1 million worth of sales, Larsen said, adding that "if the project doesn't come to fruition, we give away nothing." While Marriott-Slaterville does not collect property taxes, the city of about 1,737 residents has agreed to commit 65 percent of its increased sales tax revenue from the project area over 15 years. "That was our recommendation, that they need to participate at that level ii order for us to partner on the project," Larsen said. Bill Morris, city administrator for Marriott-Slaterville, said the property has been for sale for a number of years, and a prospective buyer is expected to close on the land in early June. "We've set it up so that, if they do buy it, every- t thing's approved," Morris said. "If they don't buy it, we'll have to start from scratch." The land is currently owned by a Salt Lake City- based group that purchased.it when the market crashed, Morris said. "It would be a nice bene fit for the city," Morris said of the development that remains nebulous until the real estate transaction is finalized. County Commission Chairman Kerry Gibson expressed enthusiasm for the project. "This is a great location and I'm excited about the possibilities," Gibson said. "We've always said that our goal in this commission is to help provide fertile soil to these business op- . portunities and make sure that are community is a desirable place to live, work and do business." Contact reporter Cathy McKitrick at 801-625-4214 or cmckitrick@stan- dard.net. Follow heron Twitter at @catmck. |
