The Redevelopment Agency (RDA) of Midvale City is a public entity created through a resolution passed by the Midvale City Council on July 6, 1982. The RDA operates under the framework of state regulations, but its detailed plans, policies, and budgets are subject to oversight and approval by the Mayor and City Council.
The purpose of the RDA is to achieve several key objectives, including:
Attracting private investment in economically disadvantaged communities.
Rejuvenating older neighborhoods through a combination of renovation and new development initiatives.
Facilitating the construction of housing that caters to individuals across various income levels.
Eliminating blight and improving the overall condition of designated project areas.
Tax Increment Financing, Projects, and Project Areas
The primary tool granted to community development and revitalization agencies, including the Redevelopment Agency of Midvale City, as per Title 17C, revolves around the utilization of tax increment financing (TIF) to stimulate redevelopment and foster economic growth in specific locations within the city. This process entails the identification of particular project areas and the formulation of project area plans.
Tax increment is the increase in property tax revenue generated within a project area from new growth and development. Taxing entities volunteer a percent of the additional revenue from new growth for a specified number of years or until a specific contribution cap is reached. The volunteered tax increment is used by the RDA to support development that wouldn’t otherwise happen.
The RDA currently manages three project areas in Midvale City: Bingham Junction Project Area, Jordan Bluffs Project Area, and Main Street Project Area.
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