City officials and staff are currently setting up meetings with the county, the school district, and other local taxing entities to ask for their involvement in a CDA that will temporarily reduce the amount of property taxes the developers have to pay once construction on the project goes vertical. If those agreements can be reached and the developer completes all the steps required by Centerville, construction on the mixed-use project may start as early as this summer.
“If we get the approvals in April, the developers have said that they want to break ground as early as this June,” said Centerville City Manager Steve Thacker, adding that the estimate might be a bit optimistic because of the approvals still required by the planning commission. “We’ll have to see if everything falls into place.”
The CDA won’t take any money currently being received by any of the local taxing entities, and they would still get 70 percent of any new property taxes generated by the area for the next 15 years. Centerville, which has already signed the agreement, would only receive 50 percent of any new property taxes. The money saved by the reduced property taxes would be put toward infrastructure improvements in the area.
The current plan for the project includes multi-family units, a shopping component, and a 80,000 square foot, 14-screen megaplex theater that Thacker said will be run by the Larry H. Miller group.
Though another 14-screen theater is set to anchor the Station Park development in Farmington, run by the Cinemark theater group, no one behind the Centerville development is worried.
“The Larry H. Miller group has told us that they’re not concerned about Station Park,” said Thacker, adding that the Centerville theater will be larger than the one planned for Farmington. “The theater component up there will simply be a very small part of a much larger project.”