The Ogden City Council, in its capacity as the Redevelopment Agency Board, has adopted a resolution extending the length of the Trackline Economic Development Project Area an additional 12 years to 2045. Since the project area was created in 2013, the Redevelopment Agency and Ogden City have worked jointly with a private developer to construct the Ogden Business Exchange, a 51-acre master-planned business park located within the larger Trackline Project Area.
The extension from the original 20-year period to a 32-year period will allow the project to generate an additional $5.3 million in tax increment for use in future development for a total of more than $18 million, the city said in a press statement.
The adopted proposal also allows the Redevelopment Agency to collect 100 percent of the tax increment, which was previously capped at $10,253,475 for the project. This change amounts to an additional $8 million for the agency, the city said. The taxing entity reviewed and unanimously approved the proposal in March.
The work completed on the business park project includes construction of a new road; reconstruction of an existing road; and installation of new utilities, including electrical lines and a 24-inch water main that will serve the entire West Ogden area.