Part of the extension of the northeast corner of 5900 West and the West 12th Street corridor in Weber County where a 355-acre business park, the Promontory Commerce Center, is proposed. The photo was taken on Thursday, June 29, 2023.
The footprint of the proposed Promontory Commerce Center business park in western Weber County. It sits on 355 acres along the 12th Street corridor around 5900 West.
Part of the 12th Street corridor extension around 5900 West in western Weber County where a 355-acre business park, the Promontory Commerce Center, is proposed. The photo was taken on Thursday, June 29, 2023.
Tim Vandenack, Standard Examiner
Part of the extension of the northeast corner of 5900 West and the West 12th Street corridor in Weber County where a 355-acre business park, the Promontory Commerce Center, is proposed. The photo was taken on Thursday, June 29, 2023.
OGDEN – Weber County commissioners have given the green light to the creation of a new political entity with taxing authority aimed at helping develop a new business park in the western end of the county.
It’s part of longstanding efforts by county leaders to spur economic development in the most underdeveloped areas of western Weber County.
According to last Tuesday’s action, county commissioners created three public infrastructure districts, or PIDs, in connection with the proposed 355-acre Promontory Commerce Center private business park. Under state law, these entities can collect property taxes within their jurisdictional boundaries to help develop roads, parks, trails, water lines, sewer systems, stormwater drainage networks, and fire protection systems .
“PID funds can only be used for public infrastructure,” said Weber County Economic Development Director Stephanie Russell.
An entity called the BlackPine Group is overseeing the Promontory Commerce Center proposal, and the vision calls for assembly, warehousing and light manufacturing operations. In the long term, BlackPine officials say entities using the space could generate up to $1.4 billion in gross revenue annually and directly employ 3,400 people.
Image supplied, Weber County
The footprint of the proposed Promontory Commerce Center business park in western Weber County. It sits on 355 acres along the 12th Street corridor around 5900 West.
On June 20, Weber County commissioners approved zoning changes to the 355 acres where the plans are proposed and a development agreement with BlackPine, allowing the plans to move forward. Currently, part of the 355-acre footprint contains Wadeland Dairy properties.
For now, though, much of the area where Promontory is to take shape in the 12th Street corridor around 5900 West is undeveloped agricultural and open space, with the vision yet to be realized. BlackPine officials have been in contact with potential private sector investors, but PIDs and the funding available through them also figure in the development effort.
PIDs are relatively new economic development tools outlined in legislation passed in 2019, Senate Bill 228. Weber County commissioners late last year approved the creation of three PIDs in connection with plans to expand Snowbasin Ski Resort in the Ogden Valley to help with that proposal of development
As the PID governing document approved last Tuesday says, each of the three Promontory PIDs could pay up to $150 million in debt, or $450 million in total between them, to help with infrastructure development. Each district could levy a property tax of up to 0.005 per dollar of taxable value to property owners within its boundaries, amounting to $500 in taxes for every $100,000 of taxable value.
Bonds issued in the PIDs would have to be repaid in a maximum of 31 years and only property owners within the PIDs would be subject to the tax created to pay them off. Weber County would not be responsible for covering any costs of the debt, nor would property owners outside of the Promontory PID boundaries.
Tim Vandenack, Standard Examiner
Part of the 12th Street corridor extension around 5900 West in western Weber County where a 355-acre business park, the Promontory Commerce Center, is proposed. The photo was taken on Thursday, June 29, 2023.
Each of the three districts is overseen by boards with three trustees. Promontory PID’s board members are Garrett Hansen, Brad Margetts and Daniel Stephens, BlackPine’s managing partner, according to the governance filing.
PIDs can also take advantage of tax increment financing, essentially deferred property tax revenue generated by new development in an area that would otherwise go to traditional taxing entities like the county and school districts. County officials are considering creating a TIF zone for the headland project, but plans are still in the works. “The project area has not been created, we are still in the process of review and negotiation,” Russell said.
Russell deferred further comment to a BlackPine representative, who did not immediately respond to an inquiry from The Standard Examiner seeking comment.
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