Tremont Center: $1.73 million in tax increment through 2024, and $1.94 million in city money repayable only if increment remains

Tremonton's redevelopment agency says it passes all tax increment from the Tremont Center project area to the developer, Tremont Center, LLC, to reimburse primary improvements. It currently keeps nothing for administration, although its budget allows 3%. ^[1]

The agency's posted report lists $1,729,726.97 in increment for tax years 2016 through 2024. Annual receipts rose from $31,885 in 2016 to $298,596 in 2023 and $596,130.97 in 2024. ^[1]

A forecast table in the same report totals actual receipts at $1,729,728.46, $1.49 more than the historical table. The report doesn't explain the difference. ^[1]

Where the 2024 receipts went

The city's fiscal 2025 audit reports $596,131 in tax increment collected by the downtown redevelopment fund, RDA #2, and $596,131 in spending on site improvements or site preparation. ^[2]

At the agency's June 17, 2025 meeting, the minutes say, Assistant City Manager Linsey Nessen said that year's increment of about $596,000 was reimbursed to the developer for burying the canal. ^[3]

The city's budget document shows $298,596.05 in fiscal 2024 and $596,130.97 in fiscal 2025 in a line labeled for Tremont Center primary improvement reimbursement. ^[4]

The limits

The report says the agency may receive 75% of the project area's new tax increment until it has received $4.3 million or the collection period ends, whichever comes first. A 2020 resolution, RDA 20-11, added two years because of COVID-19 delays. Collection now ends with tax year 2032. ^[1]

After the 2024 receipts, the report shows $2,570,272.54 left under the $4.3 million limit. That is remaining authority to collect, not a cash balance. ^[1]

Under the 2016 agreement, RDA 16-02, the developer could be reimbursed up to $2,234,000 for primary improvements, plus $234,000 for secondary improvements. A 2019 agreement, RDA 19-03, cut the primary cap to $1,884,000. In exchange, the agency takes up to $350,000 for buying and demolishing homes and redesigning a Main Street entrance. ^[1]

Eligible costs

The agency's May 21, 2024 packet includes a proposed resolution, RDA 24-08. It concurs that the developer is eligible for reimbursement of up to $1,205,882.22 in primary costs as of April 30, 2024, based on paid invoices filed with the city recorder. ^[5]

Its exhibit lists $898,109.55 approved through May 2017, $290,328 in interest, $5,303 in attorney fees and $12,145.67 in canal company fees. Those lines add to $1,205,886.22, $4 more than the stated total. The packet copy is unsigned. ^[5]

The agency's later report says RDA 24-08 approved $1,205,882.22 in eligible costs. ^[1]

The city's contributions

The report lists $1,939,755 in city capital contributions to the project in fiscal 2016 through 2022, approved in a series of budget amendments. The largest were $518,000 in fiscal 2019 and $600,000 in fiscal 2020. ^[1]

Under Resolution 16-46, the report says, those contributions are to be repaid without interest only if increment is available after the developer's obligations are met. ^[1]

Separately, the general fund transferred $675,000 to RDA #2 "for operations" in fiscal 2025, the audit says. ^[6] RDA #2 ended that year with a $1,883,682 fund balance. ^[7]

This year

The budget document printed June 16, 2026 shows $540,545 in redevelopment property tax recorded for the 2025-26 year to that date. It shows no amount yet in the Tremont Center reimbursement line. The column covers only part of the fiscal year. ^[4]

The 2026-27 budget lists $600,000 in increment and $575,000 for RDA projects. ^[4]