Far West City seeks 15-year tax-increment share to fund infrastructure for Target-anchored retail and 260-unit apartments

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 reimbursement for public infrastructure and related site preparation.

Larson said the development plan includes a Target store as the primary anchor, additional large retail pads and an approximate 260-unit multifamily complex on the north end. He said the developer and the city expect the Target to be operating by 2029, which is central to the request: the tax increment is tied to the anchor operating to trigger the capture. The city also pledged an estimated $7 million in new sales-tax revenue and about $877,000 in stormwater fee waivers to support the project.

Under the city’s proposal, 10% of the tax increment would be set aside for housing-related uses per Utah law; the city said that the multifamily owner would need to reserve a portion of leases at moderate and targeted income levels to be eligible to use that 10% for infrastructure connected to the multifamily component. Far West’s redevelopment agency would receive 3% of the increment for administration. Larson said the interlocal agreement with the district would specify that school board funds may be used only for public infrastructure (water, sewer, technology, public parking and site preparations).

Larson estimated total project costs at about $224 million and public support committed at roughly $23.4 million, including $5.4 million from the Weber Area Council of Governments for transportation. He told the board the district currently receives about $10,800 a year from the parcels in the proposed area; during the 15-year capture he estimated the district would receive about $130,000 a year in new property tax revenue (in addition to the current receipts) and projected post-capture revenues of roughly $610,000 annually.

Board members asked whether all parking would be considered public (Larson said yes) and sought clarity on housing types; Larson confirmed the proposal under discussion is for apartments rather than single-family homes and said the zoning allows multifamily. The board and city agreed to return for further discussion and committee review; no formal district action or vote was taken at the study meeting.

The presentation materials and the developer participation agreement remain subject to negotiation, and the timeline and final terms are not yet finalized.