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PROJECT AREA BUDGET Med-Tech Community Reinvestment Project Area MILLCREEK COMMUNITY REINVESTMENT AGENCY APRIL 2021 ---PAGE BREAK--- Page I 2 Section 1: Introduction Millcreek Community Reinvestment Agency (the “Agency”), following thorough consideration of the needs and desires of Millcreek, Utah (the “City”) and its residents, as well as understanding the City’s capacity for new development, has carefully crafted the Project Area Plan (the “Plan”) for the MedTech Community Reinvestment Project Area (the “Project Area”). The Plan is the result of a comprehensive evaluation of the types of appropriate land-uses and economic development opportunities for the land encompassed by the Project Area which lies along and near 1100 East and 3900 South in the City. The Plan is envisioned to define the method and means of development for the Project Area from its current state to a higher and better use. The City has determined it is in the best interest of its citizens to assist in the development of the Project Area. This Project Area Budget document (the “Budget”) is predicated upon certain elements, objectives and conditions outlined in the Plan and intended to be used as a financing tool to assist the Agency in meeting Plan objectives discussed herein and more specifically referenced and identified in the Plan. The creation of the Project Area is being undertaken as a community reinvestment project pursuant to certain provisions of Chapters 1 and 5 of the Utah Community Reinvestment Agency Act (the “Act”, Utah Code Annotated (“UCA”) Title 17C). The requirements of the Act, including notice and hearing obligations, have always been observed throughout the establishment of the Project Area. Section 2: Description of Community Development Project Area The Agency was established for the purpose of promoting economic activity within the boundaries of the City and Agency. Pursuant to that purpose, the Agency has determined that it is in the best interests of the taxing entities who levy property taxes within the proposed project area to promote the substantial expansion of medical, office, retail and other development activity through the creation of a community reinvestment area (CRA). The project area is along and near 1100 East and 3900 South in the City (the “Project Area”). The purpose of the Project Area is to enable the development of a new medical tower with an enhanced façade at St Mark’s Hospital and influence the redevelopment of commercial and office space within the Project Area. As the financial circumstances related to the development were evaluated by the Agency, it was determined that without public assistance the financial barriers would be too burdensome and would create a disincentive for the private capital investment. A map of the Project Area is attached hereto in EXHIBIT A. ---PAGE BREAK--- Page I 3 Section 3: General Overview of Project Area Budget The purpose of the Project Area Budget is to provide the financial framework necessary to implement the Project Area Plan vision and objectives. The Project Area Plan has identified that tax increment financing is essential to meet the objectives of the CRA Project Area. The following information will detail the sources and uses of tax increment and other necessary details needed for public officials, interested parties, and the public in general to understand the mechanics of the Project Area Budget. Base Year Value The Agency has determined that the base year property tax value for the Project Area will be the total taxable value for the 2019 tax year which is estimated to be $150,218,100. Accordingly, this amount will continue to flow through to each taxing entity proportional to the amount of their respective tax rates being levied. Payment Trigger The Project Area will have an estimated twenty-year (20) duration from the date of the first tax increment received by the Agency. The collection of tax increment will be triggered at the discretion of the Agency prior to March 1 of the tax year in which they intend to begin the collection of increment. The following year in which this increment will be remitted to the Agency will be Year 1, e.g., if requested prior to March 1, 2021, Year 1 of increment will be 2022. The Agency anticipates it will trigger tax increment by March 1, 2023, but in no case will the Agency trigger the first year of tax increment collection after March 1, 2025. Projected Tax Increment Revenue – Total Generation Development within the Project Area will commence upon favorable market conditions which will include both horizontal and vertical infrastructure and development. The Agency anticipates that new development will begin in the Project Area in 2022. The contemplated development will generate significant additional property tax revenue as well as incremental sales and use tax above what is currently generated within the Project Area. Property Tax Increment will begin to be generated in the tax year (ending Dec 1st) following construction completion and Tax Increment will be paid to the Agency in March or April after collection. It is projected that property Tax Increment generation within the Project Area could begin as early as 2022 or as late as 2023. It is currently estimated that during the 20-year life of the Project Area Budget, property Tax Increment could be generated within the Project Area in the approximate amount of $14.4 million or at a net present value (NPV)1 of $9.5 million. 1 Net Present Value (NPV) of future cash flows assumes a 4% discount rate. The same 4% discount rate is used in all remaining NPV calculations. This total is prior to accounting for the flow-through of tax increment to the respective taxing entities. ---PAGE BREAK--- Page I 4 Section 4: Property Tax Increment Base Year Property Tax Revenue The taxing entities are currently receiving - and will continue to receive - property tax revenue from the current assessed value of the property within the Project Area (“Base Taxes”). The current assessed value is estimated to be $150,218,100. Based upon the tax rates in the area, the collective taxing entities are receiving $2,192,734 in property tax annually from this Project Area. This equates to approximately $43,854,672 over the 20-year life of the Project Area. TABLE 4.1: TOTAL BASE YEAR TO TAXING ENTITIES (OVER 20 YEARS) Entity Total NPV at 4% Annual Salt Lake County $5,807,432 $3,946,245 $290,372 Salt Lake County Library 2,226,232 1,512,761 111,312 Granite School District 22,911,265 15,568,578 1,145,563 Millcreek 5,699,275 3,872,750 284,964 South Salt Lake Valley Mosquito Abatement District 42,061 28,581 2,103 Mt. Olympus Improvement District 790,147 536,918 39,507 Central Utah Water Conservancy District 1,135,649 771,692 56,782 Unified Fire Service Area 5,242,612 3,562,440 262,131 Total Revenue $43,854,672 $29,799,965 $2,192,734 Property Tax Increment Shared with RDA – PROJECT AREA BUDGET All taxing entities that receive property tax generated within the Project Area, as detailed above, will share at least a portion of that increment generation with the Agency. All taxing entities shown in Table 4.2, except Granite School District will contribute an estimated 70% of their respective tax increment for 20 years. Granite School District will contribute an estimated 80% of their respective tax increment for 15 years. Table 4.2 shows the amount of Tax Increment shared with the Agency assuming the participation levels discussed above. TABLE 4.2: SOURCES OF TAX INCREMENT FUNDS Entity Percentage Length Total NPV at 4% Granite School District 80% 20 Years 4,344,523 3,153,531 Millcreek 70% 20 Years 1,309,179 866,132 South Salt Lake Valley Mosquito Abatement District 70% 20 Years 9,662 6,392 Mt. Olympus Improvement District 70% 20 Years 181,505 120,081 Central Utah Water Conservancy District 70% 20 Years 260,870 172,587 Unified Fire Service Area 70% 20 Years 1,204,279 796,732 Total Sources of Tax Increment Funds $7,310,018 $5,115,456 ---PAGE BREAK--- Page I 5 Uses of Tax Increment The Agency will use 5% of the tax increment to administer the CRA. $1,000,000 of the tax increment collected by the Agency will be used to reimburse HCA for the enhanced façade.15% will go towards affordable housing, as required by the Act, and a portion of the tax increment will be used for the Promise Program support, park improvements on site of Mill Creek Elementary, and transit enhancements as shown in the table below. Most of the remaining tax increment collected by the Agency will be used for redevelopment activities in the Project Area. TABLE 4.3: USES OF TAX INCREMENT Uses Total NPV at 4% Redevelopment Activities (Infrastructure, Relocation, Incentives, etc.) $3,636,011 $2,460,956 CRA Housing Requirement (estimated @ 15%) 1,096,503 767,318 RDA Administration 365,501 255,773 Reimbursement to HCA for enhanced façade (First ten years) 1,000,000 802,633 Promise Program Support at Mill Creek Elementary (First ten years) 331,815 265,057 Park Improvements on site of Mill Creek Elementary (Second ten years) 395,387 336,214 Streetscape, bus stop, and transit enhancements 484,801 328,127 Total Uses of Tax Increment Funds $7,310,018 $5,115,456 A multi-year projection of tax increment is included in EXHIBIT B. Total Annual Property Tax Revenue for Taxing Entities at Conclusion of Project As described above, the collective taxing entities are currently receiving approximately $2,192,734 in property taxes annually from this Project Area. At the end of 20 years an additional $799,269 in property taxes annually is anticipated, totaling approximately $2,992,003 in property taxes annually for the area. TABLE 4.4: TOTAL BASE YEAR AND END OF PROJECT LIFE ANNUAL PROPERTY TAXES Entity Annual Base Year Property Taxes Annual Property Tax Increment at Conclusion of Project Total Annual Property Taxes Salt Lake County $290,372 $105,843 $396,214 Salt Lake County Library 111,312 40,574 151,886 Granite School District 1,145,563 417,567 1,563,130 Millcreek 284,964 103,872 388,835 South Salt Lake Valley Mosquito Abatement District 2,103 767 2,870 Mt. Olympus Improvement District 39,507 14,401 53,908 Central Utah Water Conservancy District 56,782 20,698 77,480 Unified Fire Service Area 262,131 95,549 357,679 Total $2,192,734 $799,269 $2,992,003 ---PAGE BREAK--- Page I 6 Section 5: Cost/Benefit Analysis Additional Revenues Other Tax Revenues The development within the Project Area will also generate sales taxes for the City and County. Table 5.1 shows the total revenues generated by the Project Area. This total includes the anticipated property tax increment and sales and use tax. TABLE 5.1: REVENUE ANALYSIS FOR TAXING ENTITIES (20 YEAR TOTAL). Entity Property Tax (Total Increment) Sales Tax Total Incremental Revenues Salt Lake County $1,905,749 $2,114,366 $4,020,114 Salt Lake County Library 730,553 - 730,553 Granite School District 7,518,489 - 7,518,489 Millcreek 1,870,256 783,098 2,653,355 South Salt Lake Valley Mosquito Abatement District 13,803 - 13,803 Mt. Olympus Improvement District 259,292 - 259,292 Central Utah Water Conservancy District 372,671 - 372,671 Unified Fire Service Area 1,720,399 - 1,720,399 Total Revenue $14,391,212 $2,897,464 $17,288,677 Additional Costs The development anticipated within the Project Area will also likely result in additional general government, public works, and public safety costs. These costs, along with the estimated budget to implement the Project Area Plan, are identified below. TABLE 5.2: COST/BENEFIT ANALYSIS FOR CITY (OVER LIFE OF PROJECT AREA) City Revenues Total Incremental Revenues Property Tax (Increment) $1,870,256 Sales Tax 783,098 TOTAL REVENUES 2,653,354 City Expenditures Total Expenses CRA Budget 1,309,179 General Government Services 204,218 Public Safety Services 451,384 Public Works Services 261,671 TOTAL EXPENDITURES 2,226,452 Total Revenues minus Expenditures $426,902 The City’s net benefit from the Project Area is estimated to be $426,902. The total net benefit to the taxing entities is therefore, $9,465,042 or the total benefit $15,465,881 less the CRA budget and additional costs to the taxing entities, $6,000,839. TABLE 5.3: NET BENEFIT Entity Additional Tax Revenues Minus Additional Costs Equals Total Net Benefit Millcreek $2,653,354 - $2,226,452 = $426,902 All Taxing Entities $15,465,881 - $6,000,839 = $9,465,042 ---PAGE BREAK--- Page I 7 Section 6: Project Area Priorities The MedTech Project Area is located at a central location, and in an area that is prime for redevelopment. There are, however, hurdles that are preventing further development of the area, such as the need to partner with developers, the requirement to construct roads and other infrastructure. Without the creation of the Project Area and the public participation, some of the planned buildings will likely not get constructed and other developments will be delayed a number of years, or development will not maximize its envisioned potential. There is one tangible development plan that has been instituted, and that is incentivized by a portion of the proposed tax increment. Other uses include the Promise Program, Elementary School improvements, transit improvements, and required affordable housing and Redevelopment Agency administration costs. Incremental property taxes will be used to reduce these costs. Table 6.1 below depicts estimates of the participated tax increment funds through 20 years for a total of $7,310,018. TABLE 6.1: PARTICIPATED TAX INCREMENT FUNDS PRIORITIES PARTICIPATION LENGTH TOTAL Granite School District 80% 15 Years 4,344,523 Millcreek 70% 20 Years 1,309,179 South Salt Lake Valley Mosquito Abatement District 70% 20 Years 9,662 Mt. Olympus Improvement District 70% 20 Years 181,505 Central Utah Water Conservancy District 70% 20 Years 260,870 Unified Fire Service Area 70% 20 Years 1,204,279 Total $7,310,018 Table 6.2 below illustrates how the estimated $7M of incremental property taxes can be distributed to the priorities of the MedTech Project Area. TABLE 6.2: PROPERTY TAX DISTRIBUTION Priorities Delegated Amount/Cost Percentage of Total Redevelopment Activities (Infrastructure, Relocation, Incentives, etc.) $3,363,011 46% Reimbursement to HCA for enhanced façade (First ten years) 1,000,000 14% Promise Program Support at Mill Creek Elementary (First ten years) 331,815 5% Park Improvements on site of Mill Creek Elementary (Second ten years) 395,387 5% Streetscape, bus stop, and transit enhancements 484,801 7% CRA Housing Requirement 1,096,503 15% RDA Administration 365,501 5% Total $7,310,018 100% ---PAGE BREAK--- Page I 8 Exhibit A: Project Area Map MAP OF PROPOSED PROJECT AREA BOUNDARIES ---PAGE BREAK--- Exhibit B: Multi-Year Budget Millcreek Community Reinvestment Agency ASSUMPTIONS: MedTech CRA Discount Rate 4.0% Increment and Budget Analysis Participation Rate 70.0% EXCEPT Granite School District who is 80.0% Tax District: ACP Payment Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Tax Year 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 TOTALS NPV Cumulative Taxable Value Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Existing Assessed Taxable Value (Project Area) $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 $150,218,100 Commercial $1,692,868 $3,252,359 $3,749,213 $4,377,145 $4,892,380 $5,412,210 $6,247,156 $7,075,208 $8,114,869 $9,152,232 $10,405,799 $10,378,227 $10,378,227 $10,378,227 $10,378,227 $10,378,227 $10,378,227 $10,378,227 $10,378,227 $10,378,227 Office $73,636 $369,513 $680,682 $1,188,113 $1,677,134 $2,245,879 $2,823,827 $3,387,969 $3,961,315 $4,600,577 $5,469,801 $6,260,787 $7,106,999 $7,106,999 $7,106,999 $7,106,999 $7,106,999 $7,106,999 $7,106,999 $7,106,999 Residential $71,175 $137,175 $203,175 $283,410 $348,375 $414,375 $887,832 $1,336,157 $1,320,000 $1,320,000 $1,320,000 $1,320,000 $1,320,000 $1,320,000 $1,320,000 $1,320,000 $1,320,000 $1,320,000 $1,320,000 $1,320,000 MedTech Tower 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 35,950,484 Total New Assessed Value: 37,788,162 39,709,531 40,583,553 41,799,151 42,868,373 44,022,948 45,909,299 47,749,818 49,346,668 51,023,293 53,146,084 53,909,498 54,755,711 54,755,711 54,755,711 54,755,711 54,755,711 54,755,711 54,755,711 54,755,711 Total Assessed Taxable Value of Project Areea 188,006,262 189,927,631 190,801,653 192,017,251 193,086,473 194,241,048 196,127,399 197,967,918 199,564,768 201,241,393 203,364,184 204,127,598 204,973,811 204,973,811 204,973,811 204,973,811 204,973,811 204,973,811 204,973,811 204,973,811 Less Base Year Value (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) (150,218,100) TOTAL Assessed Value Less Base Year Value (Incremental Value) $37,788,162 $39,709,531 $40,583,553 $41,799,151 $42,868,373 $44,022,948 $45,909,299 $47,749,818 $49,346,668 $51,023,293 $53,146,084 $53,909,498 $54,755,711 $54,755,711 $54,755,711 $54,755,711 $54,755,711 $54,755,711 $54,755,711 $54,755,711 TAX RATE & INCREMENT ANALYSIS: 2019 Rates Salt Lake County - - - - - - - - - - - - - - - - - - - - - - - Salt Lake County Library - - - - - - - - - - - - - - - - - - - - - - - Granite School District 0.007626 288,173 302,825 309,490 318,760 326,914 335,719 350,104 364,140 376,318 389,104 405,292 411,114 417,567 417,567 417,567 417,567 417,567 417,567 417,567 417,567 7,518,489 4,974,114 Millcreek City 0.001897 71,684 75,329 76,987 79,293 81,321 83,512 87,090 90,581 93,611 96,791 100,818 102,266 103,872 103,872 103,872 103,872 103,872 103,872 103,872 103,872 1,870,256 1,237,332 South Salt Lake Valley Mosquito Abatement District 0.000014 529.03 556 568 585 600 616 643 668 691 714 744 755 767 767 767 767 767 767 767 767 13,803 9,132 Mt. Olympus Improvement District 0.000263 9,938 10,444 10,673 10,993 11,274 11,578 12,074 12,558 12,978 13,419 13,977 14,178 14,401 14,401 14,401 14,401 14,401 14,401 14,401 14,401 259,292 171,544 Central Utah Water Conservancy District 0.000378 14,284 15,010 15,341 15,800 16,204 16,641 17,354 18,049 18,653 19,287 20,089 20,378 20,698 20,698 20,698 20,698 20,698 20,698 20,698 20,698 372,671 246,553 Unified Fire Service Area 0.001745 65,940 69,293 70,818 72,940 74,805 76,820 80,112 83,323 86,110 89,036 92,740 94,072 95,549 95,549 95,549 95,549 95,549 95,549 95,549 95,549 1,720,399 1,138,189 TOTAL INCREMENTAL REVENUE IN PROJECT AREA: $450,548 $473,457 $483,878 $498,371 $511,120 $524,886 $547,377 $569,321 $588,360 $608,351 $633,661 $642,763 $652,852 $652,852 $652,852 $652,852 $652,852 $652,852 $652,852 $652,852 $11,754,910 $7,776,863 PROJECT AREA BUDGET 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Sources of Funds: 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 TOTALS NPV Property Tax Participation Rate for Budget Salt Lake County 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Salt Lake County Library 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Granite School District 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 0% 0% 0% 0% 0% Millcreek City 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% South Salt Lake Valley Mosquito Abatement District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Mt. Olympus Improvement District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Central Utah Water Conservancy District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Unified Fire Service Area 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Property Tax Increment for Budget Salt Lake County - - - - - - - - - - - - - - - - - - - - - - Salt Lake County Library - - - - - - - - - - - - - - - - - - - - - - Granite School District $230,538 $242,260 $247,592 $255,008 $261,531 $268,575 280,083 291,312 301,054 311,283 324,234 328,891 334,054 334,054 334,054 - - - - - 4,344,523 3,153,531 Millcreek City $50,179 $52,730 $53,891 $55,505 $56,925 $58,458 60,963 63,407 65,527 67,754 70,573 71,586 72,710 72,710 72,710 72,710 72,710 72,710 72,710 72,710 1,309,179 866,132 South Salt Lake Valley Mosquito Abatement District $370 $389 $398 $410 $420 $431 450 468 484 500 521 528 537 537 537 537 537 537 537 537 9,662 6,392 Mt. Olympus Improvement District $6,957 $7,311 $7,471 $7,695 $7,892 $8,105 8,452 8,791 9,085 9,393 9,784 9,925 10,081 10,081 10,081 10,081 10,081 10,081 10,081 10,081 181,505 120,081 Central Utah Water Conservancy District $9,999 $10,507 $10,738 $11,060 $11,343 $11,648 12,148 12,635 13,057 13,501 14,062 14,264 14,488 14,488 14,488 14,488 14,488 14,488 14,488 14,488 260,870 172,587 Unified Fire Service Area $46,158 $48,505 $49,573 $51,058 $52,364 $53,774 56,078 58,326 60,277 62,325 64,918 65,850 66,884 66,884 66,884 66,884 66,884 66,884 66,884 66,884 1,204,279 796,732 Total Property Tax Increment for Budget: $344,201 $361,702 $369,663 $380,736 $390,475 $400,992 $418,174 $434,939 $449,484 $464,756 $484,092 $491,045 $498,753 $498,753 $498,753 $164,700 $164,700 $164,700 $164,700 $164,700 $7,310,018 $5,115,456 Uses of Tax Increment Funds: 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 TOTALS NPV Redevelopment Activities (Infrastructure, Relocation, Incentives, etc.) 75.0% $131,521 $142,021 $146,798 $153,442 $159,285 $165,595 $175,904 $185,963 $194,690 $203,854 $290,455 $294,627 $299,252 $299,252 $299,252 $98,820 $98,820 $98,820 $98,820 $98,820 $3,636,011 $2,460,956 CRA Housing Requirement 15.0% 51,630 54,255 55,450 57,110 58,571 60,149 62,726 65,241 67,423 69,713 72,614 73,657 74,813 74,813 74,813 24,705 24,705 24,705 24,705 24,705 1,096,503 767,318 RDA Administration 5.0% 17,210 18,085 18,483 19,037 19,524 20,050 20,909 21,747 22,474 23,238 24,205 24,552 24,938 24,938 24,938 8,235 8,235 8,235 8,235 8,235 365,501 255,773 Reimbursement to HCA for enhanced façade (First ten years) 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 1,000,000 811,090 Promise Program Support at Millcreek Elementary (First ten years) 15% 26,304 28,404 29,360 30,688 31,857 33,119 35,181 37,193 38,938 40,771 331,815 265,057 Park Improvements on site of Millcreek Elementary (Second ten year 15% 58,091 58,925 59,850 59,850 59,850 19,764 19,764 19,764 19,764 19,764 395,387 336,214 Streetscape, bus stop, and transit enhancements 10% 17,536 18,936 19,573 20,459 21,238 22,079 23,454 24,795 25,959 27,180 38,727 39,284 39,900 39,900 39,900 13,176 13,176 13,176 13,176 13,176 484,801 328,127 Total Uses $344,201 $361,702 $369,663 $380,736 $390,475 $400,992 $418,174 $434,939 $449,484 $464,756 $484,092 $491,045 $498,753 $498,753 $498,753 $164,700 $164,700 $164,700 $164,700 $164,700 $7,310,018 $5,115,456 REMAINING TAX REVENUES FOR TAXING ENTITIES 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 TOTALS NPV Salt Lake County - - - - - - - - - - - - - - - - - - - - - - Salt Lake County Library - - - - - - - - - - - - - - - - - - - - - - Granite School District 57,635 60,565 61,898 63,752 65,383 67,144 70,021 72,828 75,264 77,821 81,058 82,223 83,513 83,513 83,513 417,567 417,567 417,567 417,567 417,567 3,173,966 1,820,583 Millcreek City 21,505 22,599 23,096 23,788 24,396 25,053 26,127 27,174 28,083 29,037 30,245 30,680 31,161 31,161 31,161 31,161 31,161 31,161 31,161 31,161 561,077 371,200 South Salt Lake Valley Mosquito Abatement District 159 167 170 176 180 185 193 201 207 214 223 226 230 230 230 230 230 230 230 230 4,141 2,739 Mt. Olympus Improvement District 2,981 3,133 3,202 3,298 3,382 3,473 3,622 3,767 3,893 4,026 4,193 4,253 4,320 4,320 4,320 4,320 4,320 4,320 4,320 4,320 77,788 51,463 Central Utah Water Conservancy District 4,285 4,503 4,602 4,740 4,861 4,992 5,206 5,415 5,596 5,786 6,027 6,113 6,209 6,209 6,209 6,209 6,209 6,209 6,209 6,209 111,801 73,966 Unified Fire Service Area 19,782 20,788 21,245 21,882 22,442 23,046 24,034 24,997 25,833 26,711 27,822 28,222 28,665 28,665 28,665 28,665 28,665 28,665 28,665 28,665 516,120 341,457 Total $106,347 $111,755 $114,214 $117,635 $120,644 $123,894 $129,203 $134,382 $138,876 $143,595 $149,569 $151,717 $154,099 $154,099 $154,099 $488,153 $488,153 $488,153 $488,153 $488,153 $4,444,892 $2,661,408 INCREMENTAL TAX ANALYSIS: