November 7th, 2009
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Author: As the city looks to rebuild the North Temple viaduct, the Salt Lake City Council voted on Thursday to create a taxing district that could help bridge a multimillion-dollar funding gap for the project, bringing in more than $13 million over the next 25 years.
Under an agreement between the county, the Redevelopment Agency and the Salt Lake City School District, Salt Lake City could collect as much as $13 million in property tax increment.
The Salt Lake County Council is expected to sign off on the agreement next week.
In the proposed 25-year deal, the city would collect property tax generated above the base year for properties north of North Temple between 400 West and 500 West.
City leaders expect more than $100 million of development in that area by 2016.
The council is also considering establishing a special assessment area that could bring in an estimated $4.3 million over the next 20 years.
— Aaron Falk
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