Cooper expects to announce the developer's identity next month, along with the new development's moniker.
According to city documents, the project's first phase is slated to develop in two parts: 70 acres of manufacturing and light industrial space and 28 acres of manufacturing, light industrial, commercial and flex space. The first phase will not impact existing homes.
Phase two is expected to span 23 acres and could involve removal of some or all housing stock, impacting up to 80 homes and five businesses, contingent on negotiations with existing property owners.
The ambitious development will alter B Avenue to improve access into the development.
As an Economic Development Area (EDA) project, the power of eminent domain cannot be used, so any property acquisitions must occur through negotiations with willing sellers.
Cooper said Wednesday that the development is expected to generate an estimated $13 million in new tax revenues over 20 years, and $10,290,342 of that total will be diverted to fund utility and road upgrades and associated EDA costs within the project area.
The development is expected to create up to 500 new jobs, along with temporary construction work during the building phases.
At the turn of the 20th century, this area west of Ogden's 24th Street viaduct teemed with activity as a thriving livestock and meat-packing industry took root. The Golden Spike Coliseum hosted national livestock shows and rodeos there until the facility burned down in August 1993.
The Union Stockyard Exchange Building, more than seven decades old, stands about 100 yards west of the old Coliseum site and is the lone historic structure within the project area.
Cooper praised the Exchange building's arched windows and doorways. Appropriate steps will be taken to use and protect its character, city documents said.
Work is expected to begin in the project area next year, Cooper said.