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Developer seeks Slate Canyon PID to finance trails, utilities; council presses for stronger 'but‑for' case
Summary
Lennar and legal counsel presented a proposed $5M tax‑debt public infrastructure district (PID) capped at 6 mills to finance on‑site utilities, trails and amenities for the Slate Canyon development; councilors asked for clearer 'but‑for' justification, legal review and disclosures before any decision.
Presenters for the proposed Slate Canyon public infrastructure district (PID) told the Provo City Council the financing tool would allow early construction of roads, utilities, trails and on‑site amenities for a planned 10‑lot for‑sale community, while spreading infrastructure costs over time.
Betsy Fowler (counsel for the petitioners) and Lennar representatives described a reduced tax‑debt cap of $5 million and a maximum 6‑mill levy as the proposed PID parameters. Staff and the underwriter explained a 30‑year maturity with a possible 10‑year extension is typical; the levy is applied to…
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