Strategy 5 created only the second tax increment finance district (TIF) of its kind in Utah – a Community Development Area (CDA) – to fund a critical infrastructure improvement that led to a major residential development project – the Four Seasons. The firm prepared the required feasibility study, wrote the ordinance, and negotiated the revenue sharing agreement between the City, the School District, and other players.
TIF funds, provided through a cash in – cash out arrangement with a developer, resulted in the improvement (paving, curb, gutter, sidewalk, street lighting, landscaping, etc.) of an important north / south boulevard connecting downtown North Logan with the site. Water, sewer, storm water, and other infrastructure elements were also provided. The improvements were part of a broader plan (also created by Strategy 5) to increase the connectivity between the town and the Logan / Cache Airport.
The project is not only generating significant TIF revenues, the residents are contributing significant economic and fiscal benefits to local retailers, restaurants, and the local economy generally. The new housing supply is welcome in a region that is growing at a rate of more than 4% per year.
This residential project, located in beautiful Cache Valley, Utah, was enabled through critical infrastructure improvements funded through a TIF mechanism designed by Strategy 5. The development includes more than 1,000 units, in a mix of market-rate apartments, condominiums, affordable and first-time buyer homes, senior lifestyle residences, and a range of recreational amenities.