RESPONSIBLE CITY AGENCY: Community and Economic Development
KEYWORDS: Development, incentives, loans, bonds, special improvement districts, SID, property, capital, interest rates, community.
1. General
1.1 Salt Lake City may provide resources and incentives through development programs in an effort to revitalize City neighborhoods consistent with adopted master plans, programs, and policies.
1.2 Development programs are administered by the Department of Community and Economic Development. The Capital Planning and programming Division is responsible for administering, monitoring, and tracking assistance programs.
1.3 The Department of Community and Economic Development can establish and assess fees for the costs of assistance programs.
2. Criteria for Awarding Development Incentives
2.1 Projects are required to meet program eligibility requirements defined in departmental procedures or other City policies.
2.2 Applicants must demonstrate a legitimate need for public support, including an assessment of the availability of capital, interest rates, investment risk, and other restrictions on private capital.
2.3 In judging applications for development assistance, the Department of Community and Economic Development will assess the extent of the project’s community impact, including the project’s capacity to meet City economic development goals and objectives.
CURRENT REFERENCES:
PRE-1995 REFERENCES:
EFFECTIVE DATE: October 1, 1995
DATE APPROVED BY CABINET: September 6, 1995