The Provo City School Board met Tuesday for a study session. The board was there to discuss a redevelopment endeavor geared for downtown Provo with Provo Mayor Lewis Billings and developer Cameron Gunter.

Gunter, who is with PEG Development, wants to build a nine-story office building on part of the block at University Avenue and 200 North.

The company is hoping to get $3.2 million through a deal with four taxing entities: The school district, the city, the county and the water conservancy district. Gunter said the money is needed to fund the building of a parking garage adjacent to the structure.

The company is hoping that the agencies will be wooed by the potential increase in revenues from the property taxes generated by the development and that they will give the company a break.

The school board is being asked to give the company 71 percent of the property tax revenue the development would generate for the school district for 12 years.

If the company doesn't get cooperation from all four taxing agencies, they won't build in downtown Provo.

"The project doesn't happen if there isn't a sure way to offset the cost of this parking garage," said Paul Glauser, director of development for the Provo Redevelopment Agency.

Gunter said he has spoken to each entity, but none have voted on it. He said he thinks they are all supportive.

Billings said from his point of view the plan has the support of the city, though it will still go to the Municipal Council for a vote.

The school board met after the study session in executive session to discuss the issue. They could vote on the proposed project next week at the scheduled board meeting.

This story appeared in The Daily Herald on page D3.