Redevelopment

Community Reinvestment Agencies (CRAs), usually referred to as redevelopment agencies, are quasi-government agencies specially formed to manage development projects in a defined geographical area. They are funded through the use of a tax incentive program called “Tax Increment Financing”.

Tax Increment financing is property tax revenue that results from increases in property values within the project area. Instead of being paid to the taxing entities which levy the taxes, this tax revenue is paid to the CRAs to be used for purposes allowed under Title 17C of the Utah Code, usually related to redevelopment or development of underdeveloped areas.

CRA’s are formed by cities or counties as an independent quasi-governmental entity. CRAs are governed by a board typically comprised of members of their respective city or county councils. The Community Reinvestment Act has been amended throughout the years by the Utah State Legislature and was formerly known as the Neighborhood Redevelopment, Economic Development, Urban Renewal and Community Development Acts.