Ogden approves New Markets Tax Credit financing; Municipal Building Authority to participate

Ogden City Council voted unanimously April 1 to authorize the city’s participation in a New Markets Tax Credit financing package for the Marshall White Community Center, a financing structure city staff say unlocks more than $2 million in net project funds.

The vote authorizes the city to proceed with a structure that uses a community development entity allocation, a private investor and a special‑purpose nonprofit to channel tax credit equity into the project. Council Member Jared Ritchie moved to adopt proposed Resolution 2025‑6; Vice Chair Hyer seconded and the roll call was unanimous.

At a public presentation earlier in the meeting, Cody Rogers, an attorney the city retained for the transaction, described how the program works and how the Marshall White Center financing will be structured. Rogers said Community Development Finance Alliance (CDFA) has allocated $10,000,000 of NMTC authority to the project. That allocation yields $3,900,000 in federal tax credits, which U.S. Bank will claim over a seven‑year compliance period. U.S. Bank agreed to invest at $0.80 per credit, producing about $3,120,000 in equity to the project; after fees and closing costs, Rogers estimated the net benefit…