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Developer asks Wasatch school board to share tax increment to fund parking garage for Station 7 project
Summary
A developer presented a Station 7 plan that would add a 613-stall parking garage, hotel and expanded retail and asked the school board to participate in tax-increment financing, proposing the district retain roughly 45% of incremental property tax revenue during a 30-year term.
A developer seeking to build a mixed-use project called Station 7 told the Wasatch County School Board on Tuesday that the district’s participation in a tax-increment arrangement would be necessary to finance a 613-stall parking garage that would enable a denser mix of retail, apartments and a branded hotel.
The developer representative said the project has been under discussion since 2006 and that the southern portion of the site is already anchored by a Smith’s grocery. The north side would be reconfigured with structured parking to free land for about 57,000 square feet of retail and a 110-key hotel the presenter said was already secured under a Marriott flag. “If we can collapse that parking out of this giant huge parking field, we can put it…
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