Salt Lake Tribune
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Taxes to keep funding SLC projects
This is an archived article that was published on sltrib.com in 2004, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Redevelopment in downtown Salt Lake City will continue. Various taxing entities agreed Tuesday to continue to divert property taxes they are owed toward revitalization. That means redevelopment projects in the Redevelopment Agency's Central Business District could receive roughly $22 million a year from 2005 to 2040, or $769.4 million. Initially, much of the money will pay off past debt. But from 2015 to 2040, the money could be used for any number of new projects - from paying off bonds for a soccer stadium and renovation of a historic theater to building a new homeless campus. The money would come from extra property taxes generated by future development that would normally go to the city, Salt Lake County, the city school district and other smaller taxing entities, such as the library. Representatives from those groups approved the plan. A representative from the state Office of Education voted against it. The taxing entities will get money, too - about $1 billion from 2005 to 2040. The plan has been arranged in such a way that the county, school district and others will get at least as much money under the redevelopment plan as they would if the Central Business District had expired. The Central Business District was set to expire in 2007. It was created in 1969. Howard Stephenson, a state senator and director of the Utah Taxpayers Association, urged the taxing entities to vote against the extension. He said most projects paid for by the RDA would have happened without public money. - Heather May

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