Friday, January 21, 2011

$300M tax break approved for Vineyard

A committee of representatives of the Utah County Commission, Town of Vineyard, Alpine School District, Utah State Board of Education and other local districts has given final approval for a massive tax relief program for development in Vineyard. The program will provide money for environmental recovery and land reclamation, infrastructure and incentives to attract new business to the Geneva site. Anderson Geneva Development purchased the idle site in 2005 after Geneva Steel closed in 2001.

Developers heralded the news as a win for the local economy, saying this clears the way for the blight of the former Geneva Steel site to be transformed "into a permanent tax base via 1,700-acres of residential, retail, office and industrial development on Utah Lake."

Anderson Geneva has spent more than $20 million with U.S. Steel to clean up the site, worked with Vineyard to complete a master plan and zoning, and spent an additional $4 million on initial infrastructure improvements, including some roads, water and sewer. Provo Daily Herald