Update on Economic Development Tools

Recently I have been asked to speak regarding the available economic development tools that for local governments and state governments. Since the creation of the new Redevelopment Law, several members of the local government sector and development sector are scratching their heads when trying to figure out what can and can't be done with incentive based programs for economic development.

Fortunately, Utah Dialogue was able to record one of the sessions where I was speaking on this topic. The process of redevelopment, economic development and community based development was "broadly" explained. Below is a link to the audio recording of the panel workshop on this topic.

http://www.utahdialogue.com/edarda-and-the-industrial-assistance-fund/

I hope you find it useful. If you have questions please feel free to contact me. Contact information can be found at www.ulct.org.

Until next time....ENJOY

Comparing the Old and New Law for Transportation Funding

Well, it looks like the newly passed law, HB383 Amendments to Transportation Funding, will have some positive impacts for the cities and towns of Utah. We recently received estimates from the Utah Department of Transportation on what can be expected in the coming year for the Class B and Class C roads funds allocation. For those not familiar with this local government funding allocation, the B&C allocation allots a percentage of all gas tax and vehicle registration fee revenues (Transportation Funds) from the state of Utah to local government.

This ULCT initiated legislation (HB383) increased the local government share of the State Transportation Fund from 25% of all revenues received to 30% of all revenues received. In order to get the increased share of the fund we did have to give up a 1/16% state sales tax dedication to local road projects. The net result of the increased share of the transportation fund minus the 1/16% state sales tax dedication is revenue positive for local governments. Cities and Counties can anticipate a net increase of roughly $3 Million in new B&C road funds. In addition, since the transportation fund is growing, we will greater proportionate share of the associated growth.

For more information on the B&C road allocation you can click HERE.

Here is a link to a spreadsheet with specific information, by city and county, for you to review.



I hope this finds you well.

Until next time .... ENJOY!!!