BOUNTIFUL — The fact that the Bountiful City Council, acting as the city’s Redevelopment Agency, approved its budget for the coming fiscal year, which starts July 1 – is probably a yawner to most.

However, it’s likely a different story to the businesses and projects funded, at least in part, by the RDA. Those vary from fronting funds for the Davis School District’s Bountiful Junior High School gymnasium portion that is also part of the South Davis Recreation Center.

Upcoming, funds will be tapped – and then repaid, for parking lot and related improvements to The Square on 2600 South.

A budget of $1,643,242 was approved, including return on current investments and all tax increment funding, said Aric Jensen, Bountiful City Planner.

“We are not proposing any increases in property taxes, no special improvement districts,” he said.

Of the $1,068,000 administrative budget for the coming year, $932,000 will go toward payments on the Renaissance Towne Centre parking terrace for $406,000, and $526,000 on the school district/rec center gym.

“As far as operating expenses, the only thing we set money aside for ($400,000) is to acquire property in 2010,” Jensen said.

“We don’t necessarily have one property nailed down” for purchase, he said. “With property values down, we could buy properties or buy them and flip them to developers. The money is there if we need it.”

That has been done in the past, such as with the Main and Center Street property where the U.S. Post Office now stands, among others.

Another $118,000 in operating expenses could go toward upgrading existing RDA projects, he said.

“In excess of $1 million” is anticipated in the revolving loan fund, meanwhile, Jensen said.

“Some of that depends on when the Colonial Square loan goes through. All indications are that (parking lot, etc.), will be a project this year,” he said. Some $750,000 has been earmarked for that project.

Some $613,000 is also being transferred from the undesignated fund balance for potential RDA loans, he said.

RDA projects are spread from Colonial Square (The Square) to RTC to sections of downtown, and beyond.

The city council acts as the RDA board, with Mayor Joe Johnson retained as chair. It normally meets several times a year, or as needed.

tbusselberg@davisclipper.com