Public Forum Letter - Salt Lake
Tribune -
01/21/2008
There is a great deal of misunderstanding
regarding the Granite Board of Education's support of
the Cottonwood Mall redevelopment. Those who
believe the district will be giving tax dollars to a
developer are grossly misled.
The developers of the mall property will continue
to pay their property taxes and the district will continue
to receive tax revenue from the property. The district
will continue to receive its property taxes at the present
value, plus 25 percent of the additional tax revenue
generated by the development. The annual amount
the district currently receives from the mall property is
$171,559. The additional 25 percent is estimated to
average $881,349 annually, making the annual total
average over the next 20 years $1,052,909 - more than
a 500 percent increase.
However, 75 percent of the new tax dollars
generated will go to the Holladay Redevelopment
Agency for infrastructure. This is the $52 million
opponents have been talking about. Granite has
entered into a partnership with Holladay that will
increase both its short- and long-term tax revenue.
Gayleen Gandy
Member, Granite Board of Education
West Valley City