At the UIPA board meeting on November 4, 2024, the UIPA Board approved a tax amendment for the Lakeshore Learning project, located within UIPA’s Golden Spike Project area. The amendment introduces a 2.5% post-performance tax rebate capped at $1.7 million dollars.
This recent amendment follows a request for support from Lakeshore Learning, which was presented to the UIPA Board Incentive Subcommittee on October 31, 2024. The company outlined significant challenges with power infrastructure delays that are impacting their project. In response, the Incentive Subcommittee approved additional support for Lakeshore Learning, with the requirement that they document expenditures made due to the power delays.
In August 2023, Lakeshore Learning was awarded an initial property tax rebate from Garland City and the UIPA board, covering 60% of their property tax liability for 25 years. The new tax amendment is a separate incentive and does not affect the existing 60% rebate.
“We have these financing tools available when these unexpected infrastructure challenges come up,” said Ben Hart, UIPA Executive Director. “As an entity we are glad we can partner with the community to help bridge some of these funding gaps”
UIPA offers tools like these to mitigate challenges companies face in project areas, particularly related to infrastructure. Partnerships with businesses such as Lakeshore Learning are essential to reinvesting in communities.
Published: November 11, 2024
Author: Nick Archambault