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Senate creates Salt Lake County parking-structure loan fund using quarter-to-quarter revenues
Summary
First Substitute SB 108 establishes a revolving loan fund for Salt Lake County to support transit-oriented parking structures using a portion of local "quarter-to-quarter" receipts; senators debated whether the change diverts roughly $8 million from transportation priorities.
The Senate on Feb. 24 passed a substituted version of Senate Bill 108 that creates a revolving loan fund for Salt Lake County to support parking structures of regional importance.
Sponsor Senator Cullimore said the fund will come from the county's quarter-to-quarter receipts and be used as a revolving loan fund to make loans to municipalities for transit-oriented parking. "These are Salt Lake County taxes being used for Salt Lake County purposes as requested by the county," Cullimore said.
Senator Hilliard raised a fiscal-note concern that enactment could reduce revenue to the state transportation fund by about $8 million in FY 2020 and ongoing. Senator Davis questioned whether the change departs from the fund's original purpose (road construction and rights of way) and whether UTA or redevelopment mechanisms should instead finance such structures. Cullimore and backers said the loan fund is intended to support transit needs (first/last mile) and will be a revolving loan repaid with increment financing or parking revenues.
Under suspension the substituted bill passed for third reading (26''0 yay votes). Sponsor said he would follow up with technical clarifications to the fiscal note before third reading in the full schedule, and the bill will be transmitted to the House.
