We’ve Got Work to Do.
Utah state legislation grants certain powers to local government to create redevelopment agencies to facilitate new development and redevelopment of targeted areas. This tool is currently called a “Community Reinvestment Area (CRA)”. It involves using a portion of the property tax revenues (known as “tax increment”) generated by the renewal of the area to finance eligible redevelopment activities. Tax increment financing is a useful tool available in project areas to support redevelopment and can be used to offset certain…