Partnering with the Government Finance Officers Association and the Sorenson Impact Center, with the support of Schmidt Futures and the Lincoln Institute of Land Policy, under the leadership of former Mayor and Congressman Ben McAdams, the Wasatch Front Regional Council is helping local governments explore a model that several cities abroad have found to be extremely useful.
Under different names, the idea is the same: local governments dust off underutilized assets, such as dormant parking lots, and work alongside private and philanthropic partners using their expertise to make them revenue-generating while government retains ownership. A portion of the money comes back to the community in the form of concrete benefits such as new neighborhood playgrounds, homelessness initiatives, or filled potholes. Taxes aren’t raised on a single person. This is how Singapore funded its mass transit system without increasing taxes.
The Wasatch Front Regional Council is ready to work with five local governments through a 10-month Putting Assets to Work Incubator to help them figure out if, and how, they can do this. There’s a short application to submit by May 27 and a match requirement for communities to have some skin in the game from the beginning.
Downloaded a fact sheet and watch minute-long video for additional information There also is a webinar May 5 for people to learn more. Go to www.gfoa.org/paw to register for the webinar.
