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Provo council hears detailed pitch for Slate Canyon PID as Lennar seeks financing to lower home prices
Summary
Developers and bond counsel presented a Public Infrastructure District (PID) proposal for the Slate Canyon development, outlining up to $5 million in limited-tax bonds to fund part of roughly $4.7 million in public infrastructure. Councilors pressed for clearer numbers on proceeds, mill levy impacts and precedent-setting safeguards.
Lede: Lennar and its advisors told the Provo City Council on March 25 that a proposed Public Infrastructure District (PID) for the Slate Canyon development could fund part of the project’s public infrastructure through limited-tax bonds, and the council asked for clearer numbers and consumer protections before voting.
Nut graf: Counsel and underwriters said the PID would be a financing tool, not city debt, and estimated bond proceeds could range from about $1 million to $2 million while the governing documents would cap limited-tax debt at $5 million and set a 6-mill maximum levy in the model shown. Council members pressed developers and counsel on whether the PID was necessary, how much it would actually raise and how the city could avoid opening a floodgate for future PIDs.
Body: Betsy Fowler Russin of WBA (counsel to the proposed district) and Connie Gonzalez of…
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