On Aug 1, 2024, Benn Buys, Deputy Director & Chief Financial Officer, presented a proposal to the board for the UIPA to sponsor the creation of a Public Infrastructure District (PID) in the Verk Project Area.
The PID was created as a financing tool for critical infrastructure projects in the Verk project area. The district will use tax differential to bond for funds to build infrastructure that supports businesses growth in the project area. Power lines and a substation, a regional wastewater lift station, a regional storm drain system, and other infrastructure like roads and rail crossings will be built to serve the area.
The estimated cost of the proposed infrastructure projects is around $75 million and will serve approximately 198.93 acres (8.5 million sq ft) of property.
“It is not going to be turned over towards the hands of developers to run this PID. The city has a couple of people so Jesse Carden, who’s one of their city council members as well as Seth Perrins city manager is gonna be on this board as well as myself, and Scott Wolford will be on the board as well,” Buys said. “There’s also a 5th member, Brad Tanner, who is representing landowners in the area.”
The District will be overseen by a five-member board that is made up of two members from Spanish Fork, two from UIPA, and one representing the landowners. While the PID has board members from UIPA it is an independent entity from the Port.
For more info on PIDs: https://www.ksl.com/article/50253809/whats-a-pid-utah-inland-port-leaders-explain-150m-bond-proposal
Author: Nick Archambault
Published: August 21, 2024