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House backs tax-increment tweak to help fund three I‑15 interchanges
Summary
The House approved HB423, allowing specified redevelopment agencies to use incremental property-tax revenue for construction of three Interstate 15 interchanges and to extend capture for the redevelopment period plus seven years; the bill passed after amendment and a floor vote of 71–3.
The House on Feb. 26 approved House Bill 423, Redevelopment Agency Tax Increment Amendments, which allows incremental financing captured by redevelopment agencies in four South Salt Lake County municipalities to be used for construction, installation and reconstruction of three Interstate 15 interchanges.
Sponsor Representative Greg J. Curtis said the bill permits redevelopment increment financing to be used for the 100 South Underpass and two other interchange projects (114 South and 120 Third South) and extends the period in which the increment can be used to the duration of the redevelopment agency plus seven years. “What this bill does is it takes that funding and says that they can use that funding for these 3 specific interchanges,” Curtis said on the floor.
Curtis said Sandy City and neighboring municipalities approached lawmakers seeking ways to contribute locally to multimillion-dollar transportation projects; the legislation targets four redevelopment agencies in Sandy, Draper, Riverton and South Jordan. Supporters framed the measure as a tool to allow municipalities with limited transportation budgets to participate in essential highway projects.
Representative St. Becker asked whether the bill’s coordination clause properly distinguishes first-class cities from others; the sponsor explained committee and floor amendments were intended to provide separate coordination language for first-class cities and other municipalities.
The House approved the floor amendment and then passed the bill 71–3. The measure will be transmitted to the Senate for consideration.
