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

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