It will include the 14-screen Larry H. Miller Megaplex Theaters, first announced by the Clipper. The complex will include two large stadium seating auditoriums of 515 seats, one featuring IMAX, the first such facility in Davis County.
As part of pre-construction preparations, Dan Bridenstine, CEO of U.S. Development, has been working with various government entities to obtain tax increment fund agreements.
He gained such support Tuesday morning from the Davis County Commission. Davis County property taxes account for about 20 percent of the total tax bill, including library and all other associated tax levies.
The county commission approved a resolution for an interlocal agreement between the county and the Centerville Redevelopment Agency.
That means 30 percent of property taxes generated from the project will be diverted to help fund infrastructure, such as roads, etc.
Bridenstine said the entire project could cost between $60 million and $70 million. That’s a far cry from what exists on the acreage currently.
Much of it is greenbelt, or farm-related, along with construction business yards, light manufacturing and storage facilities, said Davis County Community & Economic Development Director Kent Sulser.
“The majority of the property is vacant, about 75 percent,” he said. “This will strengthen the economic base, bring jobs, goods and services.”
About $120,000 in tax revenue is currently generated from the property for all taxing entities, Sulser said, adding, “This property (development) could bring a much larger amount.”
Jason Burningham of Lewis Young Robertson & Burningham consultants, said it’s anticipated construction of the theaters will take 11-12 months.
Restaurant pads, specialty retail spaces and office space is also planned, including buildings similar to Management Training Corporation’s headquarters, also in Centerville, a mile or so to the east, he said.
Just under 200 apartments are planned now, down from earlier projections, Bridenstine told the Clipper.
The county’s backing joins that of other taxing entities including Centerville, Weber Basin Water Conservancy District, county mosquito abatement and South Davis Sewer District, among others.
The Davis School District accounts for about 60 percent of all property taxes levied. An initial meeting was held with district officials earlier this week, Bridenstine said.
“Especially in this commercial environment, to get this financed, it’s a big deal,” he said. “When you look at the number of jobs it will create, it is pretty significant.”
Even construction jobs, estimated in the hundreds, will provide a strong boost to the economy, the developer said.
“We’re excited at the potential, especially in these economic times,” for jobs and an economic boost, said Centerville Assistant City Manager Blaine Lutz.
“We have felt this is very desirable, brings a significant benefit to taxpayers,” County Commissioner Louenda Downs said.
Centerville Community & Economic Development director Cory Snyder said that as of Wednesday morning, his office had received only a conceptual site plan for the development. However, he said he anticipated more detailed plans would be received by day’s end.
The planning commission will need to review any such documents, and could do so at its next regular meeting on June 23.
tbusselberg@davisclipper.com
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