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RDA board adopts Lakeview Parkway CRA project-area budget anticipating retail, commercial and a hotel near Epic Sports Park
Summary
The Provo Redevelopment Agency adopted a project-area budget for the Lakeview Parkway Community Reinvestment Area to anticipate retail and commercial development including a potential hotel; one parcel in the area is city-owned and shows no taxable value until disposition details are worked out.
At its June 9 meeting the Provo Redevelopment Agency adopted a project-area budget for the Lakeview Parkway Community Reinvestment Area, a step RDA staff said anticipates three parcels of retail and commercial space and a potential hotel adjacent to the Epic Sports Park.
RDA Director Melissa McNally said the budget estimates incremental property-tax values and projected sales-tax and transient-room-tax revenue if development occurs, but emphasized the figures are estimates because the parcels are undeveloped and one parcel (adjacent to the Epic Sports Park) is currently owned by the city and therefore shows no taxable value in the packet. McNally said any adjustments tied to disposition or incentive decisions would return to the board as an amendment and that project contracts and incentives could be coordinated contemporaneously with budget amendments.
Board members voted 7-0 to adopt the project-area budget. McNally said further amendments would be presented to the board as details of development and incentives are negotiated.
