Salt Lake County TIF Policy Evaluated for Improvements by Outside Agency in New Report
Posted By Regional Development
May 26, 2021
A new report and evaluation of Salt Lake County Tax Increment Financing (TIF) policy, conducted by third-party experts SB Friedman Developer Advisors, was presented to Salt Lake County Council on Tuesday, May 25, 2021.
The full report evaluated Salt Lake County's current TIF policies and practices by researching how TIF is currently used as an economic development tool in Utah; how Utah's implementation of TIF compares elsewhere in the nation; and comparing case studies. Additionally, SB Friedman interviewed local municipalities for applicable feedback, issues, and reviewed 10 TIF project proposals for analysis.
TIF is a tool used for economic development by municipalities to stimulate private development for the betterment of the community in certain project areas that, but for the use of tax increment dollars, redevelopment would otherwise prove unlikely or difficult. The redevelopment agency can then use the tax increment dollars it collects from the project area to incentivize development for a specified amount of time.
Following this research, several recommendations were made to Salt Lake County to improve the TIF process, including:
- Clarify the TIF process with clear timelines, requirements, eligible project types, and a set of expectations.
- Build capacity: Develop templates, conduct trainings and partner with others for trainings.
- Collaborate with taxing entities and municipalities: Salt Lake County should convene major taxing bodies to establish common requirements in analyses and build partnerships with municipalities.
As part of the ongoing process of improving Salt Lake County's TIF policy and becoming a better partner, a new webpage launched at slco.org/economic-development/TIF, where the TIF Area Project Database, future templates, and more detailed project application criteria can be found.
Following the presentation of this report, Salt Lake County Economic Development will continue to coordinate with Salt Lake County Council on next steps and future implementation of recommendations.