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Council approves development agreement with Sunpro Corporation for Suntana Raceway parcel
Summary
Council approved Resolution 2025-17, a development agreement and sale terms with Sunpro Corporation for roughly 28 acres of the former Suntana Raceway property, including a $10,057,000 purchase price (less subdivision improvements), a 15 acre‑foot water credit, city payment of certain electrical extension fees, and a 30‑month performance window.
Springville — The City Council approved a development agreement and related resolution with the Sunpro Corporation to sell and develop approximately 28 acres of the former Suntana Raceway property. The council approved Resolution 2025‑17 after staff described the proposed sale price and the key development terms.
Deal terms described to the council: - Purchase price: $10,057,000 (gross). Staff said that after subdivision improvements the city’s net proceeds are estimated to be about $9,070,000, though costs are still being finalized with the developer. - Subdivision and improvements: Sunpro will complete subdivision requirements and install public improvements; staff listed estimated subdivision improvement costs around $879,000 plus contingency, but said the developer has refined those numbers during due diligence and final figures will be verified. - Water…
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