May 5, 2005

Orem will fund part of structure

If anyone has driven down State street in Orem in the last year you've probably noticed a gaping hole in the ground surrounding a very tall, majestic looking tower. You may also have noticed that very little has changed in the last year. Well, all of that could change now that the city of Orem has bailed out the financially struggling owners. Overall, I am happy to see someone step in and do something about this. Although it is nice to have the trailor park gone, a huge hole in the heart of the town is not much more amusing.

I will be interested to see how this all works out.

--- | Orem will fund part of structure: "Orem will fund part of structure

OREM — Orem city officials have agreed to help build the first level of the Midtown Village parking structure at 320 S. State — paid for by assessments against the project.
The City Council on Tuesday unanimously approved the resolution creating a $7 million special-improvement district that's been in the works for months.
'This is a very complicated project,' said Mayor Jerry Washburn. 'A great many hours have been invested in this.'
City Manager Jim Reams said the agreement constitutes a construction loan that acts as a lien against Midtown Village, which is worth many times the cost of the parking structure.
Orem has the right to foreclose if the project should stall.
Larry Myler, one of the project's owners, said he supports the city's action.
'I think the city made a wise choice in having the project bear the burden rather than the county taxpayers,' he said. "

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