Taylorsville • Two commercial areas along Redwood Road could get a boost under economic-development plans on the drawing board in this west-side burb.
The Taylorsville City Council, sitting as the Redevelopment Agency Board, has called for plans for two Community Development Areas (CDAs), a designation that allows public funds to be used to revitalize an area and increase investment in it.
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The new CDAs are known as Center Point, in the Redwood Road and 5400 South corridors near the intersection, and North Point, which is near Redwood Road and 4100 South and is considered the city’s northern commercial gateway.
The council gave economic-development officials the go-ahead to prepare the plans at its Jan. 18 and Feb. 1 redevelopment agency meetings. Preparation will take a few months. Public hearings will be held before the council votes on whether to adopt the plans.
The plans could include a variety of projects such as street improvements, business incentives, assembly of land for development, and traffic management tools such as the installation of stop lights.
"We’re going to consider everything in our toolbox," Taylorsville Economic Development Director Donald Adams said.
Funding would come from tax increment, or the taxes generated from the increased assessed value of a property within the CDA. The increment results from new construction or other improvements and is used to repay the debt for the CDA projects.
Participation in a CDA by other taxing entities, such as school districts, is voluntary. Taylorsville will discuss with various entities whether they want to join in, Adams said.
Twitter: @PamelaMansonSLC
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