About the RDA
What We Do
OUR MISSION + VALUES
ECONOMIC OPPORTUNITY // We invest in the long-term prosperity and growth of our local economy.
EQUITY + INCLUSION // We prioritize people-focused projects and programs that encourage everyone to participate in and benefit from development decisions that shape their communities.
NEIGHBORHOOD VIBRANCY // We cultivate distinct and livable built environments that are contextually sensitive, resilient, connected, and sustainable.
WHAT IS A REDEVELOPMENT AGENCY?
- Redevelopment–Encourage private and public investment in areas that are experiencing disinvestment or neglect.
- Housing Development–Increase the amount and variety of housing that meets the unique needs of neighborhoods.
- Economic Development–Assist in development that yields additional job opportunities in the community.
WHY ARE RDAS USED?
- Facilitating redevelopment of underutilized property through acquisition, clearance, re-planning, and/or sale;
- Investing in core infrastructure, such as utilities, streets, lighting, and/or curbs/sidewalks; and
- Providing gap financing in the form of loans, reimbursements, and property discounts to encourage private investment.
The RDA Board of Directors (Board) is comprised of the seven members of the City Council of Salt Lake City. The Board is given policy-making authority for the RDA, while the Mayor serves as the Executive Director. The Redevelopment Advisory Committee (RAC) advises the Board on RDA policy.
REDEVELOPMENT ADVISORY COMMITTEE
Brian Doughty, Chair
Mojdeh Sakaki, Vice Chair
FUNDING: TAX INCREMENT
The financial engine that drives an RDA’s revitalization efforts is tax increment financing. Tax increment is the increase (or “increment”) in the property taxes generated within a project area, over and above property taxes generated in that same area prior to the establishment of the RDA project area. The establishment of a project area and the collection of tax increment funds must be approved by the RDA Board of Directors and the local taxing entities (school district, library, water districts, county, etc.).
The tax increment generated in a project area is reinvested into that same project area, thus recycling the funds for a specified period of time, usually 20-25 years, after which the tax increment will again be available to the local taxing entities. During the life of the project area, the taxing entities continue to receive the same amount of property taxes that they received prior to the establishment of the project area, along with any share of the increment they may have negotiated with the RDA.
Improved redevelopment project areas contribute to the overall health and vitality of the city by reversing the negative effects of blight, while increasing the tax base from which the taxing entities draw their funds. In Salt Lake City, RDA project areas’ tax bases have historically grown at twice the rate of surrounding areas that are not designated as project areas.