CONSTRUCTIONAPPROVED

Tremonton City Agency Report 2024 Tax Increment Year

RDA Approves Tax Increment Reimbursement for Tremont Center LLC

Not to exceed $2,234,000 (revised to $1,884,000) for Primary Improvements, plus up to $234,000 for Secondary Improvements, plus actual costs of $350,000 for Demolition of HomesCity of TremontonTREMONT CENTER LLCJune 2, 2025

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Description

Tremonton City RDA entered into a tax increment reimbursement agreement with Tremont Center, LLC, approving up to $1,884,000 for primary improvements and up to $234,000 for secondary improvements. The agreement has been amended over time to reflect project costs and demolition expenses. Eligible expenses submitted through 2024 total over $1.2M for primary infrastructure development.

Contract Details

Contract Amount

Not to exceed $2,234,000 (revised to $1,884,000) for Primary Improvements, plus up to $234,000 for Secondary Improvements, plus actual costs of $350,000 for Demolition of Homes

Vendor

TREMONT CENTER LLC

Agency

City of Tremonton, UT

Contract Type

CONSTRUCTION

Document Date

June 2, 2025

Contract Term

Until reimbursement caps reached or project area fund limit ($4,300,000) is met, expected by 2033

Renewal Date

2033-05-30

Renewal Info

Original cap was $2,234,000 for primary improvements, reduced to $1,884,000 following $350,000 commitment for demolition per 2019 amendment. Agreement supersedes 2016 version. Secondary improvements cap remains $234,000. Terms tied to project area fund collection period, currently extended to 17 years total.