OTHERRECOMMENDED

Redevelopment Agency Backs Philo Sports Park Agreement

The Redevelopment Agency of Provo City recommended approving a participation agreement with Philo Venture Management, LLC for commercial development at the Epic Sports Park. The proposal includes tax-increment participation, up to $3 million in qualifying-cost reimbursement, and a 2.5% revenue share for the City.

Document date · October 6, 2026

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WithersRavenel logo
Derivita logo
Comcate logo
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Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
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Scope & details

The full contract record, as filed.

Contract amount
Property tax increment pledge of just under $1,000,000 over 19 years; sales tax and municipal transient room tax increment estimated at approximately $351,000; property participation appraised at $4.3 million; reimbursement capped at $3,000,000; 2.5% revenue share from hotel sales and other commercial lease revenue
Contract type
OTHER
Contract term
Property tax increment pledge spread evenly over 19 years; agreement effective on a date to be determined in 2026
Renewal
No renewal or extension clause was identified in the available agenda text. The agreement includes a five-year revenue-share guarantee for each future project entity and an optional redemption mechanism after that period.
Document type
Agenda
Source document
Provo Municipal Council Agenda 2026-10-06

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the government contract by City of Provo?

Philo Venture Management Llc was awarded this government contract by City of Provo, as recorded on October 6, 2026. The contract value is Property tax increment pledge of just under $1,000,000 over 19 years; sales tax and municipal transient room tax increment estimated at approximately $351,000; property participation appraised at $4.3 million; reimbursement capped at $3,000,000; 2.5% revenue share from hotel sales and other commercial lease revenue.

How much is the Philo Venture Management Llc contract with City of Provo worth?

The Philo Venture Management Llc contract with City of Provo is valued at Property tax increment pledge of just under $1,000,000 over 19 years; sales tax and municipal transient room tax increment estimated at approximately $351,000; property participation appraised at $4.3 million; reimbursement capped at $3,000,000; 2.5% revenue share from hotel sales and other commercial lease revenue.

What type of contract is this?

This is a government contract, documented as a agenda record.

Where was this contract approved?

This contract appears in Provo Municipal Council Agenda 2026-10-06 (Agenda), dated October 6, 2026 from City of Provo. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Philo Venture Management Llc hold?

Philo Venture Management Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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