Thursday, August 5, 2010

Proposed development for Centerville gets tax-proposal approval from Davis School District board

Developers of the Legacy Crossing mixed-use project on Tuesday received approval from the Davis School District board on a tax proposal enabling them to advance the project. The board was the final taxing entity that needed to sign off on ceding some of the property taxes that would be collected at the site over the next 15 years. Construction will begin after some formalizing of legal documents to get financing and approval of a specific site plan by the city.

Tuesday's approval, and earlier ones by other entities, will enable the development group to put infrastructure in place for the 28-acre Legacy Crossing development between I-15 and Legacy Parkway. Among various taxing entities, $5.4 million will be forgone, including about $3.2 million from the school district. Developers say that money would be used for infrastructure improvements needed not just for Legacy Crossing, but for 90 acres between the highway exchanges and for a 530-acre area west of Legacy Parkway that's available for development. A 90-acre area that contains the Legacy Crossing proposal is mostly vacant and yields $109,000 annually in property taxes for the district. That would rise to $566,000 annually five years into the development, and $789,000 annually after the 15 years. The Deseret News