University Place participation agreement amendment
Amendment to the tax-increment participation agreement for the University Place Community Development Project Area, replacing a 300,000-square-foot Class A office benchmark with 100,000 square feet of new retail. The Redevelopment Agency approved the change March 12, 2024 with setback and buffering requirements and a bar on using the new retail to earn residential units.
Approved
- Type
- Development agreement
- Location
- University Place, Orem
- Applicant
- University Place
In brief
University Place participation agreement amendment appears on one recorded agenda: the City Council meeting of March 12, 2024.
On record, it was approved once.
The most recent decision was approved (5-0) at the City Council meeting of March 12, 2024.
Follow the money and project delivery
University Place participation agreement amendment
- Council action
Approved: Amendment to University Place participation agreement · Approved minutes Record → · March 12, 2024
- Money in the record
No itemized amount linked in the records collected.
- Signed agreement and payments
Execution and project-level disbursements are not verified by this tracker. They require separate records; meeting approval alone does not establish either.
- Work and operating costs
Check the linked records for completion and recurring operating costs; this tracker does not verify them. Record →
Every hearing and vote
March 12, 2024 · City Council
Amendment to University Place participation agreement
Approved · 6-0 with the mayor
City Attorney Steve Earl explained that University Place earns tax-increment reimbursement for infrastructure by meeting benchmarks. Because demand for office space fell after COVID-19, the resolution replaces the 300,000 square feet of Class A office space required in benchmark 3 with 100,000 square feet of new retail, shifting later benchmarks down 100,000 square feet until benchmark 8, which is unchanged. The developer has met benchmarks 1 and 2, there is no deadline, but the maximum increment requires completion by 2039. The new retail sits next to existing homes, so setbacks and tree buffering are required, and the added retail cannot be used to earn additional residential units under the PD-34 zone's 1.5 units per 1,000 square feet of retail limit (about 1,500 units on roughly 1.2 million square feet). Earl said the amendment adds no jobs or sales tax but keeps the incentive to expand.
- Zone: PD-34
- Change: 300,000 sq ft office replaced by 100,000 sq ft retail in benchmark 3