Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Finance Cra topic
No spam. Unsubscribe anytime.
County, Ogden update Adams CRA interlocal: timing and housing set‑aside clarified
Summary
County staff and Ogden city representatives updated the Adams Community Reinvestment Area interlocal agreement; changes clarify the timing of tax‑increment sharing and confirm the statutory 20% housing set‑aside requirement will be observed.
County staff presented an updated interlocal agreement with Ogden on the Adams Community Reinvestment Area (CRA) that adjusts timing and cap provisions and clarifies housing contributions. Staff said the agreement now reads that the initial percentage share will remain at the stated level until the earlier of the first cap being reached or 10 years, after which the county’s share will step down (for example to 75 percent) until the overall project cap is reached or the agreement expires.
Commission staff emphasized the interlocal includes the statutory housing requirement: 20 percent of the tax increment is directed to income‑targeted housing uses per state law. Staff clarified that the housing set‑aside is not an additional county contribution but the statutory portion of the increment and that the funds must be used for qualifying affordable housing activities (for example rental at 80 percent AMI or owner units targeted under the local statute).
Staff said current projections indicate the first cap or the 10‑year trigger will likely occur before 2027 in their projection model and that the amendment language will be routed through departmental review and placed on the commission agenda for formal approval the following week. Staff said existing RDA housing funds can be deployed to support related housing projects even if a project is structured to be tax‑exempt when owned by a perpetual housing entity.
