The Redevelopment Agency (RDA) of Weber County is authorized under State law; Title 17C, known as the Limited Purpose Local Government Entities-Community Development and Renewal Agencies Act. The purpose of this agency is to facilitate private investment in development and redevelopment efforts in designated areas of Unincorporated Weber County that enhance economic and community development opportunities.
RDAs can invigorate depressed or underutilized areas by investing in core infrastructure - such as; roads, power, natural-gas, water & sewer and fiber optics. Additionally, RDAs can support or subsidize private investment in facilities and equipment as
a vehicle to grow jobs and increase the tax-base. As a project area’s social value and economic potential increase, other businesses and private investors are encouraged to respond with additional development and improvements. RDA projects are designed to spur additional growth and create economically productive centers for business and social activity.
Once a project area is created, the agency may assist in the acquisition of property, or in the development of the site. The RDA has the ability (with approval of various taxing entities) to receive a portion of the new property tax revenue generated from improvements in the project area (tax increment). Tax increment financing, or TIF, is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects. As well, the RDA may use up to 20% of the tax increment generated by an economic development or redevelopment project area to encourage the development of affordable housing throughout the community.
Weber County’s Redevelopment Agency is administered by our economic development division: Weber edp. Agency over-site and executive authority rests with its governing board, which is comprised of the Weber County Commissioners, with the Commission Chair acting as the Agency’s board chair.
How Tax Increment Financing Works
Tax increment is a post-performance opportunity. Simply, increment is not generated until after development and/or investment occurs.
The financial incentives offered to companies/developments by the RDA are generated by the future proceeds (new property tax revenue) of the development.
Priority development activity within defined areas, known as “project areas,” may be eligible for financial assistance provided by the RDA. Project areas typically encompass only the property directly impacted by the development, and take between three and six months to establish. TIF is utilized when a project cannot be achieved without public investment and when it meets a public objective, and then only to fill the gap between the total project cost and the level of private financing the project can support.
Once the Agency has fulfilled its monetary obligations related to a project, the community benefits from the creation of revitalized, productive assets and the taxing entities get new, permanent sources of revenue that wouldn't have existed if the public investment had not enabled the project.