The Ogden City Council will host a fact-finding session and open house on Tuesday, November 15 on the 3rd floor of the Municipal Building regarding two bond parameters resolutions. The first proposed bond is related to the proposed redevelopment of the former WonderBlock site, and the second is related to a paid parking management system. A formal presentation will be made by the Ogden City administration in the Council Chambers at 4 pm followed by an open house from 4:45 pm to 5:30 pm where residents may interact with city staff and Council members to discuss the proposal and provide comment.
WonderBlock and Paid Parking System Fact-Finding Session and Open House
4 pm-5:30 pm on Tuesday, November 15, 2022
Ogden Municipal Building | 3rd Floor
Click here for more details about the proposed WonderBlock redevelopment project and Paid Parking Management System
Ogden City administration will review its proposal for a mixed-use development on the site of the former Wonder Bread factory at 26th Street and Grant Avenue. The project, known as WonderBlock, is part of the Make Ogden Downtown Master Plan. The development, along with other future downtown projects, would necessitate a more comprehensive approach to parking for residents, businesses, and visitors in the downtown area. As such, a separate proposal is being made to develop and implement a paid parking management system in downtown Ogden. This will include the management of two parking structures and paid on-street parking.
Click here to learn more about Ogden City’s Parking Management Plan
Click here to learn more about the proposed WonderBlock redevelopment
The administration is proposing to move forward with an agreement with Centerville-based developer JF WonderBlock Partners QOZB LLC (JF Capital) that would necessitate the Ogden City Redevelopment Agency (RDA) to finance $64 million toward the development of WonderBlock and an additional $53.5 million toward the parking structures, funded by the Municipal Bonding Authority (MBA). JF Capital would commit $124 million for the mixed-use development.
To fund these projects, the administration is proposing the city issue two bonds – a tax increment and sales tax revenue bond to fund the RDA’s portion of the development with a max par amount of bond not to exceed $75 million and a lease revenue bond through the Municipal Building Authority to fund the parking structures with a max par amount of bond not to exceed $85 million. The debt service for the parking bonds issued by the MBA would be paid using revenue generated by the paid parking program. The tax increment and sales tax revenue bonds issued by the RDA will be funded with tax increment generated by the project and BDO Lease Revenue funds.
These projects will not use funds from the property taxes of Ogden residents.
The Bond Parameters Resolutions will be considered in the meetings scheduled for Tuesday, January 10.
For more information, please contact Community and Economic Development Director Brandon Cooper at firstname.lastname@example.org or 801-629-8947