New taxing district may help fund rebuilding of N. Temple viaduct

Published: Saturday, Nov. 7, 2009 9:20 p.m. MST
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As the city looks to rebuild the North Temple viaduct, the Salt Lake City Council voted on Thursday to create a taxing district that could help bridge a multimillion-dollar funding gap for the project, bringing in more than $13 million over the next 25 years.

Under an agreement between the county, the Redevelopment Agency and the Salt Lake City School District, Salt Lake City could collect as much as $13 million in property tax increment.

The Salt Lake County Council is expected to sign off on the agreement next week.

In the proposed 25-year deal, the city would collect property tax generated above the base year for properties north of North Temple between 400 West and 500 West.

City leaders expect more than $100 million of development in that area by 2016.

The council is also considering establishing a special assessment area that could bring in an estimated $4.3 million over the next 20 years.

— Aaron Falk

Recent comments

ESA doesn't pay property tax because the property is deed restricted,...

Anonymous | Nov. 8, 2009 at 11:06 a.m.

Sure! hit the business owners with another tax, makes sense to me to...

John C | Nov. 7, 2009 at 7:00 a.m.

Read the article again, they are readjusting the property tax, but...

re:re Ha | Nov. 6, 2009 at 2:20 p.m.

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