Spanish Fork is moving one step closer to bringing in a company that could supply the county with 500 to 700 new jobs in the next 10 years.

Vitacost.com, an Internet-based wholesale vitamin supplement store, is planning on moving one of its facilities to Spanish Fork. And the city is making room for its new tenant. The City Council unanimously approved the Front Mountain economic development project plan, and project budget plan in its last meeting.

The land, which is now a gravel pit and pasture, has been set aside and a tax incentive has been offered to Vitacost.com to move in, but will the Florida-based company comefi

"As best as I can guess is yes," Mayor Joe Thomas said, adding he has been working closely with the CEO of Vitacost.com and believes the company will "make a fantastic neighbor" to the city.

Vitacost.com is one of the fastest growing companies in the nation, Thomas said, and if the company moves in, it could open up 500 to 700 new jobs in the next 10 years for Utah County.

The land in question has one home on it and is taxed, Thomas said, but the city isn't making much money from it. If Vitacost.com moves in, the money generated from property taxes will greatly benefit the school, he said.

In the long run, the school district will get a lot of money from the city's new tenant, he said.

The council held a public hearing before voting on the development project. Randall Feil, attorney for the city's Redevelopment Agency, summarized what the project entails and what type of incentive the city is offering.

Thomas said the city is offering the company a tax incentive to move to Spanish Fork, which would ultimately bring in more money for the city. The city is giving Vitacost.com a rebate on its taxes, he said, for the first few years it's in the city.

Jonnalyne Walker, an economic and financial consultant on the project, said the city will collect up to $2.36 million over the next 15 years in property taxes from the company.

The city has opted to allocate 20 percent of the taxes collected from the company to income-targeted housing. Money for income-targeted housing is allocated to those who are in the lower income brackets for Utah County and can be used in the development of new housing or improvements on existing buildings, she said.

No one opposed the Front Mountain development plan at the meeting. Several property owners who are located near the development were concerned about whether the tax incentive would affect them.

But that is not the case, Thomas said.

This story appeared in The Daily Herald on page B1.