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RDA briefs council on FY2025 redevelopment amendments; Main Street project area records first tax‑increment revenue
Summary
The Midvale Redevelopment Agency (RDA) presented FY2025 budget amendments that largely carry forward prior‑year projects, add attorney funding and expand Main Street programs; staff said the Main Street project area will generate about $650,000 in tax‑increment revenue this year, with 60% retained by the RDA and 40% returned to taxing entities.
Cody (staff) presented proposed FY2025 budget amendments for the Midvale Redevelopment Agency (RDA) during the Feb. 18 meeting, highlighting carryovers from prior years, expanded Main Street program funds and the RDA—s first year of tax‑increment revenue from the Main Street project area.
Cody summarized that much of the amendment is a continuation of multi‑year projects carried forward from FY2024. The RDA plans modest increases in public art funding and the City Hall project and will add funding for a contracted attorney. Cody said the agency will increase the revolving loan program budget and fund project area improvements such as lighting and façade grants on Main Street.
Significantly, the RDA expects to collect about $650,000 in tax‑increment revenue from the Main Street project area in its first year of capture. Cody said the RDA will retain 60% of that increment while 40% will be dispersed back to the taxing entities — a distribution approach the staff presented at the meeting.
Cody told the board the RDA had funded Main Street work in prior years by borrowing from the Bingham Junction project area with the expectation of repayment once Main Street produced tax increment; the Main Street increment is now beginning to repay those internal advances without the need for outside bonding. Cody said those internal financing practices have allowed the RDA to accelerate Main Street investments without issuing bonds.
Board members had no questions beyond a brief acknowledgement; the RDA consent agenda (minutes) was approved unanimously earlier in the meeting. The RDA amendments will follow normal procedures for adoption.
