Redevelopment Project Areas
Salt Lake County uses Redevelopment Project Areas to invest in local communities. All Salt Lake County Project Areas embrace transparency, taxpayer protections, and economic growth.
Salt Lake County is home to 17 municipalities and a government body serving unincorporated townships of the region. Each municipality controls its own redevelopment agency, allowing the municipality to identify local constituent and community needs. Redevelopment agencies use tax increment financing to rejuvenate blighted areas, stimulate private development, strengthen the city’s financial tax base, improve public infrastructure, and create new jobs.
|Administrative Fee||The percent of the project budget that is dedicated to the redevelopment agency’s administrative expenses.|
|Base Taxable Value||The starting taxable value at the onset of a project area. The base taxable value is the assessed value of all the already existing parcels within a project area.|
|Base Year||The year for which the Base Taxable Value is assessed and recorded.|
|Community Development Areas (CDA)||Prior to 2016, CDAs were the public financing tools specific to community development projects, which targeted a combination of job creation, revitalization of blighted areas, and development of vacant land. Today, these projects are Community Reinvestment Areas (CRAs).|
|Community Reinvestment Areas (CRA)||Public tax increment financing tool that aims to assist with financing redevelopment activities from real and personal property taxable value increases. CRAs are a flexible tool which can be used to achieve a number of redevelopment criteria. Typically, they are used to remove urban property blight, add new jobs, or develop vacant land.Prior to 2016, CRAs were split into three different categories: EDA, URA, or CDA.|
|Economic Development Areas (EDA)||Prior to 2016, EDAs were the public financing tool specific to economic development projects, which targeted job creation. Today, these projects are Community Reinvestment Areas (CRAs).|
|Housing Allocation||The percent of the project budget that is dedicated to the creation of affordable housing units.|
|Interlocal Agreement (ILA)||An agreement or contract between two or more governmental entities. In the case of project area ILAs, the parties are each taxing entity within the project area and the redevelopment agency undertaking the project.|
|Redevelopment Agency||Typically organized at the municipal or city level, a redevelopment agency, is a government body that uses tax increment financing to improve blighted areas, increase community and economic development, and strengthen a community’s tax base.|
|Tax Increment||Additional tax (property or sales) dollars generated as the result of a project area.|
|Tax Increment Financing (TIF)||A public financing tool for project areas used by redevelopment agencies to incentivize private development in certain areas within their jurisdiction. TIF allows redevelopment agencies to capture all or a portion of tax increment within the project area for a given period of time. This tax increment can then be reinvested in the area through incentivizing private investment and completing infrastructure projects.|
|Trigger Year||The first year a project area begins collecting tax increment.|
|Urban Renewal Areas (URA)||Prior to 2016, URAs were the public financing tool specific to urban renewal projects, which targeted the revitalization of blighted areas. Today, these projects are Community Reinvestment Areas (CRAs).|