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Consultant explains RDA tax-increment financing and comparison to nearby greenfield parcel
Summary
City staff and consultants walked the Vineyard City Council through how the Redevelopment Agency (RDA) tax-increment financing (TIF) has driven property-value growth in the project area and compared per-acre tax revenue to an adjacent 40-acre greenfield parcel in American Fork.
A staff presentation to the Vineyard City Council detailed how the city—s redevelopment area (RDA) and its tax-increment financing have increased taxable values and revenues compared with nearby undeveloped land.
The presenter said the RDA project-area base value was set at $120,000,000 at plan inception and that growth above that base produces increment revenue shared under the RDA structure. The presentation used a neighboring 40-acre parcel in American Fork as a comparator and showed that per-acre tax revenue after…
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