Developers are now allowed to finance infrastructure in Tooele City with approval from city officials.
Members of the Tooele City Council met earlier this month to discuss a change to the Public Infrastructure District Policy. Their meeting was held on Wednesday, Nov. 6 at 7 p.m. at Tooele City Hall. During the meeting, Matt Johnson, Tooele City’s assistant attorney, presented.
Public Infrastructure Districts, otherwise known as “PIDs,” were first allowed through a 2019 bill passed by the Utah Legislature. Tooele City’s PIDs allow the city the ability to finance new infrastructure that is used by the public, including roads, water, water waste systems, utilities, and public transportation or parks.
This infrastructure may be financed by issuing bonds that are repayable from property taxes or assessments on the property within the public infrastructure district or by using tax increment financing proceeds.
During the meeting, Johnson asked council members if they would consider allowing developers to request a PID. If approved, developers would appear before the city council, who would either approve or deny their request.
At the end of the meeting, all members of the city council voted to amend the policy.
Information contained on this page is provided by an independent third-party content provider. This website makes no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact editor @grantsville.business
