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Tooele council hears MIDA plan to add two parcels to project area to enable water financing; vote set for business meeting
Summary
At a Dec. 17 work meeting, Arianna Farber of the Military Installation Development Authority asked the council to establish a jurisdictional boundary and set the tax base year to 2024 for two parcels so MIDA can capture tax increment to finance water infrastructure; council members pressed for more detail on water feasibility, costs and tax sharing. The resolution is on the business meeting agenda at 7:00 PM.
Arianna Farber, deputy director of the Military Installation Development Authority (MIDA), told the Tooele City Council at its Dec. 17 work meeting that MIDA seeks to add two parcels adjacent to an existing National Guard project area and to set the project’s tax base year to 2024 so the authority can capture tax increment to finance water infrastructure.
Farber said the arrangement would allow MIDA to use property tax allocation from a more developable northern parcel to bond for water infrastructure that would make development viable on a currently dry southern parcel. "It could represent anywhere from 8 to $10,000,000," Farber said when asked for a rudimentary estimate of the additional tax growth captured by setting the base year…
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