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Provo’s downtown apartment project seeks 75% tax increment participation; county pauses to await school, city decisions
Summary
Provo Redevelopment Agency and developer PEG Development requested county participation in a tax-increment financing (TIF) package, asking for 75% of incremental tax revenue (county share ~ $66,000) to close an estimated $880,000–$900,000 financing gap; the commission voted to continue consideration for one week pending school-district and city action.
Representatives from PEG Development and the Provo Redevelopment Agency presented a request for tax-increment financing in the South Downtown Community Development Area to help close a financing gap for the CityView Apartments project.
Horn Halliday, a project manager from PEG Development, said the base tax year in the draft is 2014 and that the…
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