University Place community development agreement extension
Woodbury Corporation asked the Orem Redevelopment Agency to add two years to the recoupment term of its community development agreement under a pandemic-related state law.
- Where it stands
- Proposed
- Type
- Development agreement
- Location
- University Place
- Applicant
- Woodbury Corporation
Every hearing and vote
March 9, 2021 · City Council
Work session: University Place community development agreement extension
Discussed
The City Manager said state legislation (SB6001) lets organizations with community development agreements extend the recoupment term because of the pandemic. In December the city received a request from Woodbury Corporation to amend its agreement and the agency budget to add two years. The next step would be a resolution by the Redevelopment Agency board. Members discussed the investment to date, expected returns and how the pandemic affected income and tenants.
- Applicant: Woodbury Corporation
- Request: two additional years of recoupment