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Board hears update on Farmington HTRZ plan; members press for shorter tax-increment horizon
Summary
District representatives described Farmington City's proposal to replace parts of two previously approved CRAs with a legislative HTRZ that could capture up to 80% of tax increment for as long as 45 years. Board members asked staff to advocate for a shorter horizon and earlier tranches to protect district revenue growth.
District staff updated the board on Farmington Citys plan to use a newly available legislative vehicle (HTRZ) to redevelop an area near Farmington Station and to connect it with a dedicated people-mover to the FrontRunner rail station.
Mr. Carter said the HTRZ provision increases allowable tax-increment capture to as much as 80% and can be structured in up to three tranches for a combined duration that may extend up to 45 years. "It increases the increment that they can…
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