Posted On: 5/2/18 at 02:31 AM
Category: Economic Development
The County supports collaborative community led efforts to effectively manage commercial and residential development, and redevelopment, to meet future growth in San Juan County
During the 2016 legislative session, important structural changes affecting Utah Code Title 17C were made:
Removing previous redevelopment project tracks (EDA, URA, CDA) and streamlining them into one track called Community Reinvestment Areas (CRAs), Preventing the creation of a new project area if 51% of property owners contest, Amending annual reporting requirements, Requiring 10-20% allocation for affordable housing in project area budgets
CRAs are the newest public tax increment financing tool that aims to assist with financing redevelopment activities from real and personal property taxable value increases. They are a flexible tool which can be used to achieve a number of redevelopment criteria. Typically, they are used to remove property blight, add new jobs, or develop vacant land.