4 Things You Didn't Know About Salt Lake County Economic Development
Posted By Regional Development
May 12, 2021
It's Economic Development Week, so to mark the occasion, we're sharing four facts you might not have known about Salt Lake County Economic Development.
A regional approach to economic development means working cooperatively to meet needs and ensure the economic well-being of all the county's residents.
1. Economic Development staff work to support economic growth in the Municipal Services District (MSD)
The Municipal Services District serves the metro townships of Copperton, Emigration Canyon, Kearns, Magna, White City, and the unincorporated communities.
One example of how Salt Lake County pushes and prioritizes growth in these communities can be seen in the events of 2020. Salt Lake County opened the Small Business Impact Grant (SBIG) to disperse millions in CARES Act COVID-19 relief to small businesses. Salt Lake County Economic Development personally called more than 200 local businesses in MSD communities to encourage them to apply. Ultimately, 45 businesses in the MSD were approved for SBIG grants totalling more than $630,000.
2. Economic Development facilitates the cleanup of contaminated land through EPA grants and loan funds
Economic Development works with partners to identify, assess, and facilitate environmental cleanup of polluted properties, from old gas stations and dry cleaners to auto shops and former manufacturing sites.
In May 2021, the County was awarded an additional $600,000 from the EPA to assess contaminated properties. We look forward to helping property owners better understand potential contamination so that these sites can be cleaned up, leading to better health, community, and economic outcomes.
3. Economic Development leads the Council on Diversity Affairs Economic Opportunity Subcommittee
The Mayor's Council on Diversity Affairs (CODA) is a critical group composed of county employees and community volunteers and experts working to identify systemic failures, provide policy recommendations, and focus on measurable actions toward addressing equity, access, institutional reform and racial justice in Salt Lake County.
The Economic Opportunity Subcommittee works closely with minority chambers of commerce and organizations in Salt Lake County to identify and address the obstacles that prevent minority-owned small businesses from accessing and obtaining economic resources.
4. Economic Development plays a role in regional redevelopment
Salt Lake County is home to 17 municipalities and the MSD. Each municipality controls its own redevelopment agency, allowing the municipality to identify local constituent and community needs. The County partners with redevelopment agencies through tax increment financing (TIF) to rejuvenate blighted areas, stimulate private development, strengthen the city’s financial tax base, improve public infrastructure, and create new jobs.
Want to see where those TIF project areas are? Visit our Tax Incremental Finance Project Areas Dashboard.