Clearing of trees and buildings close to the Logan River has begun as Wasatch Group begins its river restoration project. The restoration is the first part of the $14.7 million Logan Riverwalk business complex located north of the Logan River between Main Street and 100 East.
As part of the river restoration, Wasatch committed to clear up both sides of the river adding a walkway, bridges and a flood buffer zone. The walkway would match and possibly connect to Logan City’s current trail system.
“We are starting on the river restoration project while we wait for the last approval from the city,” said Bracken Atkinson, vice president of Wasatch Development Group. “We have the approval from the School District and Cache County and we are expecting Logan City to be on board.”
Wasatch Group is asking for a 15 year split of 70 percent developer investment and 30 percent taxing entity investment.
There is more to cleaning up the area than knocking down buildings. It’s expensive, Atkinson said. The company will raze buildings, clear the area and dispose of any hazardous materials. They have to dig up all of the utilities and replace them. There are plans to take down all of the telephone poles and lines then bring in underground powerlines.
After the area is cleared of all structures, construction will begin on a 112 room, 1,500 square foot Marriott TownPlace Suites extended stay hotel.
The Wasatch Properties plan includes three retail pads, each just shy of 5,000 square feet, matching the business pads at the adjacent Riverwoods Conference Center complex.
When completed, Wasatch Group officials estimate the current tax rate should more than double tax revenue for the city, county, and school district from what those entities were previously receiving from that area in Logan.
Wasatch Group officials estimate tax revenues from property tax will go from $60,714 to $189,198. County tax revenues are expected to go from $8,358 to $26,045. School district tax revenues are projected to go from $42,874 to $140,634. Logan City tax revenues should go from $9,483 to $29,550.
Other benefits to Logan will be short term construction jobs. If the Logan Riverwalk complex mirrors what Wasatch Group’s Riverwoods complex has done, there will also be more permanent jobs.