Layton City Economic Development Incentives

Layton City provides incentives to businesses seeking to locate or expand to Layton. Incentives include reimbursement through tax increment financing agreements within designated and adopted urban renewal areas. In addition, Layton’s Opportunity Zone provides incentive to reinvest within its downtown area. Layton City has other incentives attributed to our quality of life as well, such as: location, UTOPIA Fiber, a multitude of recreational options, direct access to the Wasatch Front or Great Salt Lake Shorelands Preserve, transportation options, healthcare, education, parks, trails, shopping, housing options, entertainment opportunities and more.

Layton Incentives

Tax Increment Financing (TIF)

Redevelopment Areas or R.D.A.’s, are created for specific areas to encourage development by providing a financing mechanism for the reinvestment of new property tax generation, or tax increment.

The R.D.A. of Layton City currently manages three redevelopment areas – East Gate Economic Development Area, South Main/South Fort Lane R.D.A. and the Antelope Drive Community Development Area (CDA). Be sure to contact Layton City’s Community & Economic Development staff for more details.

Each participating taxing entity agrees to contribute a specified amount of future growth in property tax revenue for a defined period of time. New development in an R.D.A. generates tax increment – the growth in new property tax vs. an established base value. Resulting tax increment is used to encourage specific development projects, facilitate making properties ‘shovel ready’, construct public infrastructure, etc.

The East Gate Economic Development Area (EDA) was initiated in 2010 and will expire in 2035.  The base property tax valuation in 2010 was $28,218,783 with a 2019 value of $93,400,200 created through investment and redevelopment – an increase of 330%.  Business such as Janicki Industries, Kihomac, and Westest Engineering and Rantec have located in Layton at East Gate due to its proximity to Hill Air Force Base and opportunities provided through the EDA.

The South Main/South Fort Lane Redevelopment Area (RDA) was initiated in 2004 and will expire in 2029.  The base property tax valuation in 2004 was $44,088,615 with a 2019 value of $117,744,933 created through investment and redevelopment – an increase of 2667%.  Business such as Home Depot, WinCo, Young Automotive, and Kay’s Crossing Apartments have located in Layton and within the RDA due to its proximity to Interstate 15 and UTA Frontrunner Commuter Rail and opportunities provided through the RDA.

The Antelope Drive Community Development Area (CDA) was adopted in 2016 specifically to accommodate a large retail business such as RC Willey which was constructed in 2020. The CDA will be initiated in 2021 and will operate for 15 years to reimburse costs associated with the construction of RC Willey Road, moving utilities such as the relocation and burial of power lines, relocation of an existing ditch, and other needed improvements.

Please select the image for a copy of the Annual Layton Redevelopment Agency Report for the following Urban Renewal Areas located in Layton City;

  • South Main/South Fort Lane Redevelopment Area
  • East Gate Economic Development Area
  • Antelope Drive Community Development Area

 

 

Fast Track Permitting Process

Layton City has a motivated and willing staff to assist developers and builders navigate the permitting process. With weekly development review meetings, responsive planning commission and city council, knowledgeable and flexible staff, Layton City commits to assisting developments to meet tight deadlines.

Opportunity Zones

Opportunity Zones are a community development program established by Congress in the Tax Cut and Jobs Act of 2017 to encourage long-term investments in low-income and urban communities nationwide. These zones are an economic development tool. They are designed to spur economic development and job creation in our distressed communities. Layton’s opportunity zone provides the following incentives:

  • A temporary tax deferral for capital gains reinvested in an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is sold or December 31, 2026.
  • A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis of the original investment is increased by 10% if the investment in the qualified opportunity zone fund is held by the taxpayer for at least 5 years, and by an additional 5% if held for at least 7 years, excluding up to 15% of the original gain from taxation.

A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in a qualified opportunity zone fund, if the investment is held for at least 10 years. (Note: this exclusion applies to the gains accrued from an investment in an Opportunity Fund, not the original gains).

 

 

UTOPIA Fiber

UTOPIA Fiber (Utah Telecommunication Open Infrastructure Agency) has completed an impressive business and fiber-to-the-home project in Layton City. Utilizing light to transfer information, it’s the fastest Internet and communication technology currently available.

The city’s nearly 80,000 residents and businesses have access to the fastest internet speeds in the nation. Layton is among the first cities in Utah, and in the nation, to be fully connected to fiber. Layton had the vision to anticipate what fiber could mean for its community. The city is now reaping the benefits of city-wide fiber availability.

Not only does UTOPIA deliver incredibly fast speeds, but their network is also built for extremely high volume. UTOPIA can provide a minimum of 250Mbps connection to every home and up to 100Gbps connection to businesses. These connection speeds are base speeds that can increase according to individual needs.

 

 

 

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