Re-Development Agency (RDA)
RDAs are legal entities authorized under Utah Law by a near-unanimous Utah Legislature that are used to foster development in areas that have become “blighted” over time. (The term blight is a narrowly-defined legal term used to describe when and where RDAs can be used.) Where blight is found, RDAs are authorized to redirect property and sales taxes to invest in improving the area.
Holladay’s Redevelopment Agency (RDA) was created to incent private investment in areas of the community with a demonstrated need for economic development. These are areas that Holladay desires to see redeveloped, but the market has not done so. By creating an economic incentive for redevelopment, the RDA encourages desired development. By State Law, the elected members of the Holladay City Council serve as the Holladay Redevelopment Agency (RDA) Board . The RDA Board approves the RDA budget, programs, policies, and projects.
Where Holladay has used RDAs
- Cottonwood Mall - TIF incentive was offered to the owner/developer of the former Cottonwood Mall. Though stalled due to the economic crash, the developer is proceeding with pre-leasing for the the $550 million project, which will be the largest commercial project and tax generator in Holladay.
- Holladay Village – little investment had been made in Holladay’s central village area over the last 50 years. The Holladay RDA invested several million dollars in new road alignments, sidewalks, trees, street lamps, flower baskets, burial of power lines, a new public plaza and soon, a new cornerstone retail and office building.
- Millrock - Extension of Lion Lane to Wasatch Blvd – to relieve congestion on 3000 East, a new road connection to Wasatch Blvd was created. Proceeds from TIF were used to finance a bond for the purchase of open space to create Knudsen Park.