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County triggers inland-port project area parcels for Castle Country Industrial Park (Fossil Rock)
Summary
The Commission approved a resolution triggering parcels within the Castle Country Industrial Park project area so a company expecting occupancy this year can have future tax dollars reinvested in the community. Jenna Draper of the Utah Inland Port Authority described this as the final administrative step; commissioners voted to trigger the parcels.
Emery County commissioners voted April 15 to trigger designated parcels in the Castle Country Industrial Park project area under the Utah Inland Port Authority process.
Jenna Draper with the Utah Inland Port Authority told commissioners this action is the final step for parcels where a company expects to obtain a certificate of occupancy by the end of the year. Triggering a parcel allows future property-tax increment produced by development there to be reinvested back into the community under the project-area plan; left untriggered, the increment would not be captured for the port-area reinvestment program.
Draper said the action does not include undeveloped portions of the industrial park; it only triggers parcels that will have occupancy within the year. She also said the 25-year clock associated with the project-area funding will start when parcels are triggered. Commissioners asked whether the port authority had designated funds or requested commitments; Draper said no funds had been requested or spoken for yet and that the county could decide how to invest captured funds once they are reported.
The commission approved the resolution by motion and roll-call vote. County staff said they and the port authority will return to the commission to discuss investment decisions once tax-increment receipts are reported.
