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Council approves $13,742.50 sales-tax reimbursement tied to Days Market improvements
Summary
The council approved a resolution to appropriate $13,742.50 under a prior sales-tax reimbursement agreement for improvements at the Days Market shopping center, the fifth consecutive year such a payment has been made under the agreement.
The Provo City Council heard a short presentation from Keith Mori on a contractual sales-tax increment payment tied to Days Market shopping-center improvements.
Mori said the original reimbursement agreement returned a portion of increased sales tax to the property owner as a signal of city support for private investment; this year’s payment is $13,742.50, bringing the total paid under the agreement to $64,902.50. He told the council the payment is triggered only when the designated sales-tax increase occurs and that this reflects continued stronger performance relative to the baseline used in the agreement.
Councilors asked whether staff could provide a percentage increase calculation for benchmarking similar future projects; Mori said he could provide additional detail.
Next steps: the appropriation was placed on the consent/appropriation calendar for action and staff will follow up with the percentage data if councilors request it.
