If Cottonwood Development is Approved by Granite School District
- Granite School District Receives $171,000 today. Project approval increases that to $900,000 per year for 20 years, a 500% increase.
- Beginning in 2031, Granite School District will receive an estimated $4+ million per year.
- Students district-wide will benefit from this tax revenue, not just those on the east side.
- Development of the property will increase the value of the land and existing mall from $30 million to over $550 million by 2014.
- Improving the property will result in an increase in property values in surrounding neighborhoods while sustaining the historic image of the community.
- The project will represent an economic boom to the economy keeping local spending local, expanding the tax base, increasing tax revenue streams, creating new jobs and strengthening the economy.
- The dollars from a TIF district are created without raising taxes and without dipping into the present tax value.
If Cottonwood Development is NOT Approved by Granite District
- Tax revenues from the Cottonwood Mall that go directly to education will be reduced significantly from the current $171,000 figure.
- In a best case, the Cottonwood Mall will remain vacant for at least several more years as General Growth Properties designs a new project type.
- Income tax, property tax and sales tax revenues would also be significantly impacted, resulting in fewer dollars for education, transportation and commercial services.
- Property taxes for all Holladay Residences would naturally increase to make up the difference in lost tax revenues from the now vacant mall property.
- Without infrastructure funding, any project constructed on this site will have the same associated infrastructure costs (flood plain, high water table, bridges, underground utilities, replacement of antiquated utilities and updated building and Seismic codes).
- General Growth Properties’ $500 million will be invested in another community where a more acceptable return can be generated.
