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Far West City seeks 15-year tax-increment share to fund infrastructure for Target-anchored retail and 260-unit apartments
Summary
Far West City officials asked the Weber School District to consider a 15-year tax-increment financing participation to support a proposed Target-anchored retail center and an adjacent multifamily development at 2700 North and I-1594.
Far West City officials asked the Weber School District on [date not specified] to consider participating in a 15-year tax increment financing (TIF) arrangement to support a proposed retail-and-housing development at the northeast corner of 2700 North and I-1594.
Doug Larson, speaking for Far West City, said the roughly 50-acre project had a 2024 taxable value near $9.8 million and that the developer anticipates assessed value at full buildout of just over $100 million within five years. The city is proposing a 15-year TIF period with 75% participation across taxing entities and estimates about $10.3 million in property tax increment that would be available over that 15-year term. Larson said the TIF revenue would be strictly limited to…
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