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Davis County approves interlocal agreement with Kaysville for City Center reinvestment
Summary
The commission approved a 15-year interlocal cooperation agreement with Kaysville City for the Kaysville City Center Community Reinvestment Project area: 60% tax-increment participation, base year 2023, projected increment $5.1M and a $10M cap; the cap will be reduced by transportation grants awarded to the city.
Davis County commissioners unanimously approved an interlocal cooperation agreement with Kaysville City on Nov. 19 to support the Kaysville City Center Community Reinvestment Project area, county staff said.
Mr. Anderson of the county's Community and Economic Development office presented the proposal, telling commissioners the agreement proposes a 60% tax-increment participation for 15 years with a 2023 base year and a trigger by 2025. "It's a $5,100,000 projected increment with a $10,000,000 cap," Anderson said, summarizing the financial structure discussed at a recent work session.
Anderson said new language added to the interlocal reduces the cap by any transportation project grants the city is awarded that are applied to projects within the district. "If the city applies and is awarded any transportation project grants to the county and within the project area, the cap shall be reduced by the equivalent amount granted to the city," he said.
Kaysville mayor Tran and city staff attended the meeting and were acknowledged. After questions and the motion to approve, the commission voted unanimously to adopt the agreement.
The agreement now advances the redevelopment financing structure for Kaysville's City Center project; county staff did not list further implementation dates in the meeting record.
