The Bountiful Redevelopment Agency has tentatively approved a $495,000 budget for 1991-92.
The budget is a 15 percent increase over 1990-91.It includes a $100,000 "special projects" account that the RDA could use to purchase new property, help develop a downtown shopping center or possibly repurchase land at 300 N. Main that the agency sold to Shipley Associates several years ago.
The RDA's main goal is to economically revitalize the city's downtown area. The agency is currently working with the developer Johansen-Thackeray and Co., which has proposed an $8 million shopping project on Block 29, bordered by Main and 100 West and by Center and 100 South streets. The project would also encompass the blocks to the north and south.
At last report, Johansen-Thackeray had yet to find a cost-effective plan. The project's projected costs exceed its projected revenues. And not all property owners on the blocks have agreed to sell their property at prices reasonable to the developers.
To help reduce costs for Johan-sen-Thackeray, the RDA could use "special projects" funds - which is $60,000 more next year because of an increase in property tax increment revenue - to landscape, put in sidewalks and widen streets, said City Manager Tom Hardy.
If the Johansen-Thackeray proj-ect fails, the special projects funds could be used to plant grass and install a sprinkling system on Block 29 until another developer comes along, Hardy said.
The major revenue for the RDA is the property tax increment, which will amount to about $345,000 in 1991-92. Tax increment is the difference in property taxes generated now vs. what the property generated before it was redeveloped by the RDA. Last year's tax increment revenue was about $309,000.
The major expense for the RDA is a $229,000 payment on a $1.5 million bond the agency floated in 1987 to beautify Main Street downtown. The RDA also plans to spend about $46,000 for administration, about $1,000 more than it spent last year.
A public hearing on the RDA budget is scheduled for Wednesday, June 12, at 6:30 p.m. in City Hall, 790 S. 100 East.