The Utah Valley Chamber of Commerce supports the University Mall CDA (Community Development Area) and the redevelopment project as a whole. Orem urgently needs office space that will allow growing businesses to stay in Orem and will bring additional businesses to Orem. This project provides the needed office space along with high quality housing, new retail, and a wonderful park and other green space. This transformation from being a mall to a multi-use community gathering place will bring at least 2500 new jobs, new business opportunities and new gathering places for our community.
The CDA tool as Orem is using it poses no risk to taxpayers, provides incentive for the Woodbury Corporation to investment in the future of Orem and actually increases tax dollars going to the various taxing entities that get funding from property taxes, including Orem City and Alpine School District. Woodbury Corporation will continue to pay every dollar in property taxes that it currently pays. No one, not taxpayers, not Alpine School District, no one is having tax dollars taken away. The property tax rebate is only a portion of the increase in property taxes (due to the redevelopment) for twenty years.
This CDA is particularly attractive because it goes to fund infrastructure to support the new development and surrounding areas and not to any individual business.
In addition to increased property values, the development will increase sales tax and franchise tax revenue.
The opportunity cost if the petition is successful and this matter is forced to a vote next year is significant; lost tax revenue, lost leases, and possible loss of significant portions of the project. We hope the citizens of Orem will not support the petition drive and will instead support this innovative and exciting project for the benefit of all of Orem.