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Developer planning Housing and Transit Reinvestment Zone at Provo Town Center; state approval and taxing‑entity participation required
Summary
City planning staff told the board and council that a developer has signaled intent to submit an application for a Housing and Transit Reinvestment Zone (HTRZ) near Provo Town Center Mall; HTRZ law requires taxing entities — including the school district — to participate in tax‑increment sharing and the state to review and approve applications.
Justin Harrison, a city planning presenter, briefed the joint meeting on the state’s Housing and Transit Reinvestment Zone (HTRZ) program and a developer’s interest in a potential HTRZ near the Provo Town Center Mall.
Harrison explained HTRZs are a state‑authorized economic tool created in 2021 that use tax‑increment financing to help pay infrastructure for transit‑oriented housing projects. He said the program requires participation by taxing entities within the proposed zone, sets residential and density thresholds (for example, roughly 50 units per acre in many cases and lower…
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