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Front Page » May 30, 2002 » The Business Journal » Redevelopment agencies formed to strengthen local economy
Published 4,878 days ago

Redevelopment agencies formed to strengthen local economy

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Economic development

Our local governments continue to use new tools to strengthen the local economy. Carbon County and Wellington City recently formed redevelopment agencies and identified specific project areas for improvement. These areas are along Ridge Road and the Wellington Main Street. Price City Redevelopment Agency also identified an area by the new Wal-Mart building between Airport Road and Highway 6 and 50 to the interchange.

Property tax rates are not raised or lowered in these project areas. There are no negative effects or zoning changes for property owners in the project areas. Current property taxes continue distribution as they now are. However, any increase of property tax revenues from the project area is used in the area to improve that area.

For example, the new property taxes from the new Wal-Mart building will be used in the general area and out Airport Road for specific improvements. This procedure focuses funds, for a few years, to upgrading the area where the funds originate. The money provides needed infrastructure and improvement, which builds the economic foundation of a project area.

Another example is new construction and development along Ridge Road will bring new property tax revenue focused to increase the industrial power supply and needed sewer system in the area. These improvements in turn allow for additional development. The added development brings new jobs and benefits the entire county.

The redevelopment agencies do not reduce existing property tax funding to schools and local government. It uses new funding and leverages new resources to help create even more sources of jobs. This focused approach is closely watched by all the local taxing entities. A committee of the taxing entities in the county reviews the project area plan and approves the proposed budget.

In the next few weeks, you will see ads in the Sun Advocate for upcoming public hearings. In addition, notices of the hearings are sent to each property owner in and around the project areas. The public hearings provide a complete explanation of the area plan and budget. Everyone is invited to attend. This is one more stride of strengthening our trade and industrial foundation from within. The actions of these agencies move the entire county, in a very real way, a step closer to a stronger and diverse economy.

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May 30, 2002
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