- The WonderBlock development residential/retail/commercial/grocery/hospitality elements represent a $188,000,000 total investment.
- The proposed project would be a joint venture between a developer (J. Fisher Companies) and the city RDA.
- Therefore, both parties are investing in the project according to the following table.
- The RDA’s investment contribution will not require an increase in property or sales taxes.
WonderBlock Development Capital Contribution Sources (estimates):
J. Fisher Companies Investment | $124 M | |
Ogden City RDA Investment | 64 M* | (max. par bond not to exceed $75 M**) |
Total Development Investment | $188 M | |
** PAR bond values, includes both project construction costs and financing costs – which may vary depending on market interest rates.
* Ogden City RDA Principal Repayment Sources (estimates)
Federal/State Grants | $ 6.5 M | |
Retained Tax Increment (TIF) | 21.5 M | (WonderBlock new tax revenue) |
Bus. Depot Ogden Lease Rev. Contrib. | 36 M | (return from previous City investment) |
Total Ogden RDA Capital Invest. | $64M*** | (max. par bond not to exceed $75 M**) |
** PAR bond values, includes both project construction costs and financing costs – which may vary depending on market interest rates.
*** Per partnership agreement, the City RDA will be due a portion of property sales proceeds after 10 years up to 100% of investment contribution.
- Impact on City’s General Fund or Property Owner Taxes: None
- Additional information about the WonderBlock development is available for review at www.ogdencity.com/WonderBlock.