Zions Bank executives made it official Wednesday afternoon -- a new, nine-story building in downtown Provo will be known as the Zions Bank Financial Center and will house the bank's regional headquarters.

"The reality of today has been a dream for a long time," said Tom Morgan, the central Utah regional president for Zions Bank, during a jovial unveiling of building plans at the Provo Marriott. "Isn't it awesome that dreams come truefi"

The bank will be the building's anchor tenant and occupy 35,000 square feet of office space with its Provo-area offices, commercial banking center and the regional headquarters. That is about a quarter of the overall office space in the building.

Some functions now handled in Salt Lake City will be shifted to downtown Provo, noted Morgan, adding that it's unusual for a bank to decentralize.

"South of Point of the Mountain and central Utah are on fire," he said. "This is the most profitable region of the bank."

The central region stretches from Point of the Mountain south to Richfield and extends east to west from Colorado to Nevada.

None of the bank's existing branches will close.

Morgan also took time to thank officials from Provo city, Utah County, the Provo School District and the Central Water Conservancy District, all of which have been asked to contribute to a $3.2 million pot of public funding to help defray construction costs.

Provo Mayor Lewis K. Billings riffed on Utah County's reputation for being "stone-cold sober," saying that everyone involved is "stoned with excitement" over the project.

"On behalf of the council -- on behalf of all Provo -- I say, 'Way to go, Zions Bank,' " Billings said.

The building will have about 10,000 square feet of retail space on the first floor and office space above. The ninth floor will be set aside as a "founder's room," which will have a catering kitchen and will be available for meetings and receptions.

Demolition of existing buildings at the site -- the corner of University Avenue and 200 North -- is scheduled to start within 30 days. Construction is expected to be complete by the fall of 2009.

Several businesses must move or close because of the project, including a Subway restaurant, Diego's Tacos, the Cotton Shop, Cleo's White Moments and The Decline. Goldsmith Co. Jewelers and the Crazzy Canuck will remain in their present locations.

Paul Glauser, director of Provo's Redevelopment Agency, has said the public investment in the $37 million project will pay dividends for years down the road in the form of higher property tax collections and a more attractive downtown.

LeeAnne Linderman, an executive vice president for Zions Bank, said the bank is happy to be expanding its presence in downtown Provo.

"This, I think, is a visible way to say thank you and commit to the future of Provo," she said. "We promise to be a catalyst for the redevelopment of downtown and a great neighbor to the city."

This story appeared in The Daily Herald on page C1.