Riverton paid $2.8 million to Mountain View Village developer and $442,000 to Costco in fiscal 2025

Riverton's redevelopment agency paid $2,775,336 to CenterCal in the fiscal year that ended June 30, 2025, under its agreement for the Mountain View Village shopping center, the city's audited financial report says. Under a separate agreement, the city paid Costco $441,781 from city sales tax. ^[1]

The CenterCal agreement

Under the Feb. 2, 2017 agreement, the agency reimburses CenterCal for eligible tax increment arising from CenterCal's construction of improvements within the project area, according to the audit's tax abatement note. The increment cannot be paid for more than 25 years from the first increment and is limited to a net present value of $35,000,000 as of Dec. 31, 2016. ^[1]

The city also agreed to pay CenterCal up to $88,204 each calendar year from point-of-sale tax generated over one million at the site. The city paid $0 under that arrangement in fiscal 2025, the same as in fiscal 2024. ^[1][3]

The agency's Western Commercial District received $2,935,877 in tax increment in fiscal 2025. It spent $2,775,336 on developer infrastructure reimbursements and $160,541 on a tax increment rebate to Salt Lake County, and separately spent $7,625 on administration. ^[2]

Riverton Centercal LLC was the city's largest property taxpayer in tax year 2024, with $264,474,200 in taxable value, 3.16% of the city's total, according to the audit's statistical section. ^[4]

The Costco agreement

Under an Aug. 18, 2020 development agreement, the city remits a portion of the city sales tax revenue generated by Costco as an incentive to build a new facility and begin operating, the audit says. It paid $441,781 in fiscal 2025. ^[1]

The audit says Utah law prohibits releasing sales tax information specific to a particular entity, so it gives no further detail on the agreements. ^[1]

Compared with fiscal 2024

The fiscal 2024 audit reported $2,568,693 paid to CenterCal and $446,596 to Costco. That year the district received $2,715,547 in increment and paid a $146,854 rebate to Salt Lake County. ^[3][5]