The Ogden City Council, acting as the Redevelopment Agency Board, unanimously approved a resolution extending the length of the Trackline Economic Development Project Area an additional 12 years to 2045.
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 adopted proposal also allows the Redevelopment Agency to collect 100% 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 Taxing Entity Committee (TEC) reviewed and unanimously approved the proposal in March.
Since the project area was created in 2013, Redevelopment Agency and Ogden City staff 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 work completed for this project includes construction of a new road, reconstruction of an existing road, installation of new utilities including electrical lines and a 24” water main that will serve the entire West Ogden area.
“The Trackline Project has encouraged and assisted economic development to create additional jobs within the community,” Ogden Redevelopment Agency Board Chair Marcia White said. “The Ogden Business Exchange is successfully attracting companies associated with the outdoor industry, which add to the vitality and character of the community.”
Redevelopment Agency Website: ogdencity.com/rda
Trackline Project: ogdencity.com/trackline
For additional information, please contact Ogden City Council Executive Director Janene Eller-Smith, JaneneEller-Smith@ogdencity.com; 801-629-8153.