Salt Lake County, Municipalities,
UDOT Pursue Transportation Projects
Salt Lake County is poised to issue $77 million worth of County Revenue Bonds designed to pay for major transportation infrastructure construction projects across the Salt Lake Valley. The State of Utah requested that the county partner to issue the bonds, which will be repaid from the State Highway Projects Fund.
“This will expedite completion of a number of important transportation projects and provide hundreds of jobs in Salt Lake County,” says Mayor Peter Corroon. “We are happy to assist UDOT and cities in Salt Lake County with making these projects a reality.”
Senate Bill 215, approved during the 2010 legislative session, makes it all possible. The legislation authorizes Salt Lake County to sign an interlocal agreement with the Utah Department of Transportation (UDOT) and cities in the county to use the bonds for transportation projects.
The majority of the revenue ($68.5 million) will be transferred to UDOT to be used for state highway projects in the valley. The rest of the funding will go to local government entities, including:
· $2 million to improve 2300 East in the county
· $3.5 million to Salt Lake City for its North Temple project
· $1.5 million to Murray City for 4800 South
· $1.5 million to Riverton City for 13400 South
(4000 W to 4570 W)
Salt Lake County has long supported major transportation corridor development in the valley, setting aside a portion of vehicle registration revenues for the Mountain View Corridor right-of-way purchase plus a portion of its local option sales tax for TRAX lines to Draper, West Jordan, West Valley City and the airport.
The County Council approved the agreement during its Committee of the Whole meeting August 3, 2010.
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