Main Street Reinvestment Area Proposal

About the Reinvestment Area Proposal: 

Roosevelt City recognizes the great potential in its Main Street. This area could become a meeting place for commerce, community events, and public gatherings. Currently, traffic is loud and fast, storefronts do not have a uniform feel, and the street is not inviting. This plan provides a vision for what Main Street can be and provides funding mechanisms to encourage public private partnerships. The City anticipates investing in projects and will create mechanisms for private parties to fund improvements to their properties as well. Some of the things the City will work to fund over the next several years include:

 Narrowing and slowing of Main Street

 Off street parking

 A welcome archway across Main Street

 Planter boxes

 Median and sidewalk improvements

In addition, the City will facilitate public events to encourage public gatherings in the area such as concerts, farmers markets, buy local days, and other events sponsored by both public and private entities.

This document will provide the legal mechanism to create public funding sources available to Main Street businesses to improve their storefronts into a more uniform look and feel. Appendix C provides design guidelines. When followed, the City and its Redevelopment Agency (“Agency”) will have the ability to provide grants and revolving loans. The City/Agency will utilize federal funds as seed money to start this process and tax increment funds to create ongoing funding. This document will do two things. First, the Agency will create a Project Area under Utah Code 17C to allow certain property taxes above the 2019 tax values to be used for the grant programs. The Agency is required to create a Project Area Plan and Project Area Budget. These are found in Chapter 1 and 2, respectively. Chapter 3 provides the process for a private entity to apply for the grant and loan programs, how the programs will work, and who makes the decisions regarding applications.