Redevelopment area growth provides help for housing
Growth in the county's Redevelopment Agency area on west Ridge Road is going to bring a little extra help to low-income emergency housing assistance.
The money, which the County Commission has agreed to appropriate for rent and utility deposits so people can get into affordable housing, comes to about $13,000. There is a stipulation that the money should be refunded to the county when the renters leave and get their deposits back.
When a city or county target a zone for redevelopment, businesses in the zone are eligible for grants or low-interest loans to finance expansion or to locate there. The improvements lead to an increase in tax valuation and payments. That increase is called an increment.
The increment does not go into the general fund or to other taxing entities. It gets poured back into the zone for more improvement.
Years ago, the Utah Legislature mandated that a portion of tax increments over $100,000 must be set aside to assist low income housing. This year the increment exceeded the mark so the county had to get a plan together to distribute the funds according to law.