A unique community is coming to Utah. A 57-acre site in the historic tradition of downtown Holladay. Cottonwood’s tree-lined neighborhoods feature condominiums, town homes, cottages and single-family homes. From boutiques to department store, offices to cinema, this will be a place to call home.

Click here for more information on the Cottonwood community.

The FACTS Of Tax Increment Financing and The Results…

If Cottonwood Development is Approved by The Taxing Entities:

• An example of one of the taxing entities would be that Granite School District Receives $171,000 today. The proposed budget that allows the Cottonwood Redevelopment to move forward would increase the existing $171,000 to an average of $900,000 per year for 20 years, which is over a 500% increase which goes directly to the school children.
• Beginning in 2031, Granite School District will receive an estimated $4+ million per year.
• Students district-wide will benefit from this tax revenue, not just those on the east side.
• Development of the Cottonwood Mall property will increase the value of the land and existing mall from $30 million to over $550 million by 2014.
• Improving the property will result in an increase in property values in surrounding neighborhoods while sustaining the historic image of the community.
• The project will represent an economic boom to the economy keeping local spending local, expanding the tax base, increasing tax revenue streams, creating new jobs and strengthening the economy.
• The dollars from a TIF district are CREATED without raising taxes and without dipping into the present tax value.

 

If Cottonwood Development is NOT Approved by The Taxing Entities:

• All Taxing Entities Granite School District could receive much less than they are receiving today, based on the mall demolition moving forward.
• In a best case, the Cottonwood Mall will remain vacant for at least several more years as General Growth Properties designs a new project type.
• Regardless of the outcome of the VOTE, the Mall Buildings will be demolished, thus taking away the tax previously generated from the former structures.
• Income tax, property tax and sales tax revenues would also be significantly impacted, resulting in fewer dollars for education, transportation and commercial services.
• Property taxes for all Holladay Residences would naturally increase substantially to make up the difference in lost tax revenues from the now vacant mall property.
• Without infrastructure funding, any project constructed on this site will have the same associated infrastructure costs (flood plain, high water table, bridges, underground electrical transmission lines, replacement of antiquated utilities and updated building and Seismic codes).
• Alternative plans could include Big Box development which would only provide minimal tax and revenue streams, similar to the current levels, and would still require assistance for infrastructure costs.
• General Growth Properties’ $500 million will be invested in another community where a more acceptable return can be generated.

Click here for more information about the vote.