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Consultant outlines Housing and Transit Reinvestment Zone option for Provo Town Center Mall and BRT stations
Summary
A municipal bond underwriter briefed the council on Housing and Transit Reinvestment Zones (HTRZs), describing state requirements, affordability thresholds, density targets, and the potential to capture up to 80% of property-tax increment for long periods to finance transformative redevelopment near transit.
Sam Hartman of DA Davidson described the Housing and Transit Reinvestment Zone (HTRZ) program and how the tool could be used around Provo's FrontRunner and BRT transit stations, including the Provo Town Center Mall area.
Hartman summarized the statute (effective in 2021) and recent amendments under consideration at the state legislature. He said the program’s core objective is to promote dense, mixed-use housing near transit by providing tax-increment financing at enhanced capture rates and durations for qualifying applications that the governor’s office of economic opportunity (GOEO) approves. For commuter rail locations, Hartman said, GOEO approvals can allow up to 80% capture of property-tax increment for 25 consecutive years (with…
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