Document Millcreek_doc_41dd30dc66

PROJECT AREA PLAN Med-Tech Community Reinvestment Area (CRA) MILLCREEK COMMUNITY REINVESTMENT AGENCY APRIL 2021 ---PAGE BREAK--- Page I 2 Table of Contents Table of Contents 2 Definitions 3 Introduction 5 Description of the Boundaries of the Proposed Project Area 6 General Statement of Land Uses, Layout of Principal Streets, Population Densities, Building Densities and How They Will be Affected by the Project Area 6 Standards Guiding the Community Reinvestment 8 How the Purposes of this Title Will Be Attained By Community Reinvestment 8 Conformance of the Proposed Development to the Community's General Plan 8 Describe any Specific Project or Projects that are the object of the Proposed Community Reinvestment 8 Method of Selection of Private Developers to undertake the Community Reinvestment and Identification of Developers Currently Involved in the Process 9 Reason for Selection of the Project Area 9 Description of Physical, Social and Economic Conditions Existing in the Project Area 10 Description of any Tax Incentives Offered Private Entities for Facilities Located in the Project Area 10 Anticipated Public Benefit to be Derived from the Community Development 11 EXHIBIT A: LEGAL DESCRIPTION OF MED-TECH CRA 14 EXHIBIT B: CRA PROJECT AREA MAP 16 EXHIBIT C: PARCEL LIST 17 EXHIBIT D: RESOLUTION AUTHORIZING PREPARATION OF DRAFT COMMUNITY REINVESTMENT PROJECT AREA PLAN 19 ---PAGE BREAK--- Page I 3 Definitions As used in this Community Reinvestment Project Area Plan, the term: "Act" shall mean and include the Limited Purpose Local Government Entities – Community Reinvestment Agency Act in Title 17C, Chapters 1 through 5, Utah Code Annotated 1953, as amended, or such other amendments as shall from time to time be enacted or any successor or replacement law or act. “Agency” shall mean the Millcreek Community Reinvestment Agency, which is a separate body corporate and politic created by the City pursuant to the Act and which was created by Resolution 2006-01, approved by the Agency on June 27, 2006. "Base taxable value" shall mean the agreed value specified in a resolution or interlocal agreement under Subsection 17C-1-102(8) from which tax increment will be collected. “Base year” shall mean the agreed upon year for which the base taxable value is established and shall be incorporated into the interlocal agreements with participating taxing entities. "Base taxable year" shall mean the Base Year during which the Project Area Budget is approved pursuant to Subsection 17C-1-102(9)(d). “City” or “Community” shall mean Millcreek. “Legislative body” shall mean the City Council of Millcreek which is the legislative body of the City. “Plan Hearing” shall mean the public hearing on the draft Project Area Plan required under Subsection 17C-1-102 (41) and 17C-5-104(3)(e). “Project Area” shall mean the geographic area described in the Project Area Plan or draft Project Area Plan where the community development and reinvestment is anticipated to take place, as further referenced and included by this definition in Exhibit A and Exhibit B attached hereto. “Net Present Value (NPV)” shall mean the discounted value of a cash flow. The NPV illustrates the total value of a stream of revenue over a number of years expressed in terms of current or present-day dollars. “Project Area Budget” shall mean (as further described under 17-C-5-303 of the Act) the multi-year projection of annual or cumulative revenues, other expenses and other fiscal matters pertaining to the Project Area that includes: the base taxable value of property in the Project Area; the projected tax increment expected to be generated within the Project Area; ---PAGE BREAK--- Page I 4 the amount of tax increment expected to be shared with other taxing entities; the amount of tax increment expected to be used to implement this Project Area Plan; if the area from which tax increment is to be collected is less than the entire Project Area: • the tax identification number of the parcels from which tax increment will be collected; or • a legal description of the portion of the Project Area from which tax increment will be collected; and for property that the Agency owns and expects to sell, the expected total cost of the property to the Agency and the expected selling price. “Project Area Plan” or “Plan” shall mean the written plan (outlined by 17C-5-302 of the Act) that, after its effective date, guides and controls the community reinvestment activities within the Project Area. Project Area Plan refers to this document and all of the attachments to this document, which attachments are incorporated by this reference. It is anticipated that the MILLCREEK MEDTECH PROJECT AREA PLAN will be subject to an interlocal agreement process with the taxing entities within the Project Area. “Taxes” includes all levies on an ad valorem basis upon land, local and centrally assessed real property, personal property, or any other property, tangible or intangible. “Taxing Entity” shall mean any public entity that levies a tax on any property within the Project Area. “Tax Increment” shall mean the difference between the amount of property tax revenues generated each tax year by all taxing entities from the Project Area using the current assessed value of the property and the amount of property tax revenues that would be generated from the same area using the base taxable value of the property. “Tax Increment Collection Period” shall mean the period of time in which the taxing entities from the Project Area consent to a portion of their tax increment to be remitted to the Agency from within the Project Area and used to fund the objectives outlined in this Project Area Plan. “Tax Year” shall mean the 12-month period between sequential tax roll equalizations (November 1st - October 31st) of the following year, e.g., the November 1, 2018 - October 31, 2019 tax year. ---PAGE BREAK--- Page I 5 Utah Code §17C-5-104 Introduction Millcreek Community Reinvestment Agency (“Agency”), has the opportunity to enable developments to be realized within the vicinity of Millcreek (the “City”) along and near 1100 East and 3900 South in the City and is shown on the attached map is Exhibit B. In consideration of the City’s residents, as well as the City’s capacity for new development, the Agency has carefully crafted this Project Area Plan (the “Plan”) for the MILLCREEK MEDTECH COMMUNITY REINVESTMENT PROJECT AREA (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 in the Project Area. Without the assistance of the Project Area Plan, specific financial hurdles would not be overcome and the project would not be developed in the foreseeable future. The City and Agency have undergone a comprehensive evaluation of the types of appropriate land-uses and economic development for the land encompassed by the Project Area. The Plan is intended to define the method and means of supporting the property owners and or developers in overcoming the development shortfalls which will improve the Project Area from its current state to a higher and better use. The Project Area Plan is consistent with the General Plan of the City and is believed to facilitate the desired land-uses for the Project Area. The City has determined it is in the best interest of its residents to assist in the development of the Project Area. It is the purpose of this Plan to clearly set forth the aims and objectives of development, scope, potential financing mechanism, and value to the residents of the City and other taxing entities within the Project Area. The Project Area is being undertaken as a community reinvestment project area (“CRA”) pursuant to certain provisions of Chapters 1 and 5 of the Utah Limited Purpose Local Governmental Entities Community Reinvestment Agency Act (the “Act”, Utah Code Annotated (“UCA”) Title 17C). The requirements of the Act, including notice and hearing obligations, have been observed at all times throughout the establishment of the Project Area. The realization of the Plan is subject to interlocal cooperation agreements between the taxing entities and the Agency. Resolution Authorizing the Preparation of a Draft Community Reinvestment Project Area Plan Pursuant to the provisions of §17C-5-103 of the Act, the governing body of the Agency adopted a resolution authorizing the preparation of a draft Community Reinvestment Project Area Plan on April 13, 2020. This resolution is included as Exhibit D. Recitals of Prerequisites for Adopting a Community Reinvestment Project Area Plan In order to adopt a community reinvestment project area plan, the Agency shall; ---PAGE BREAK--- Page I 6 UTAH CODE §17C-5-105(1) UTAH CODE §17C-5-105(1) Pursuant to the provisions of §17C-5-104(1)(a) and of the Act, the City has a planning commission and General Plan as required by law; and Pursuant to the provisions of §17C-5-104 of the Act, the Agency has conducted or will conduct one or more public hearings for the purpose of informing the public about the Project Area, and allowing public input into the Agency’s deliberations and considerations regarding the Project Area; and Pursuant to the provisions of §17C-5-104 of the Act, the Agency has allowed opportunity for input on the draft Project Area Plan and has made a draft Project Area Plan available to the public at the Agency’s offices during normal business hours, provided notice of the plan hearing, sent copies of the draft Project Area Plan to all required entities prior to the hearing, and provided opportunities for affected entities to provide feedback. Description of the Boundaries of the Proposed Project Area A legal description of the Project Area along with a detailed map of the Project Area is attached respectively as Exhibit A and Exhibit B and incorporated herein. The Plan focuses on the St Mark’s Hospital at 3900 South and 1100 East. The current land use in the Project Area is split between commercial, hospital, office space, and schools. The Project Area is comprised of 79 parcels, equaling approximately 91 acres of land. See Exhibit C for full Parcel List. As delineated in the office of the Salt Lake County Recorder, the Project Area encompasses all of the parcels detailed in Exhibit C. General Statement of Land Uses, Layout of Principal Streets, Population Densities, Building Densities and How They Will be Affected by the Project Area General Land Uses The Project Area’s land is divided between land zoned for commercial use, hospital, office use, government buildings, and schools. Table 2 summarizes the approximate acreage of existing land uses by land use type. TABLE 2: LAND USES Type Acres % of Area Hospital 44 48% Office 9 10% Commercial 13 14% Government Buildings 14 16% Schools 10 11% Total 91 100% ---PAGE BREAK--- Page I 7 This Project Area Plan is consistent with the General Plan of the City and promotes economic activity by virtue of the land uses contemplated. Any zoning change, amendment or conditional use permit necessary to the successful development contemplated by this Project Area Plan shall be undertaken in accordance with the requirements of the City’s Code and all other applicable laws including all goals and objectives in the City’s General Plan. Layout of Principal Streets The principal street within the Project Area focuses on the corridor between 900 East and 1300 East. The Project Area Contains the entirety of St Mark’s Hospital, Mill Creek Elementary School, and a variety of commercial buildings. The Project Area map, provided in Exhibit B, shows the principal streets located within the Project Area. Population Densities The estimated population density of the Project Area is 0.0 residents per acre. There are no residential buildings within the Project Area. Building Densities Currently, the St Mark’s hospital block occupies almost half of the Project Area. There are also Commercial, Office, Schools, and government buildings in the Project Area. Building densities will increase as development and redevelopment occur. The intent of this Plan is to assist the funding of the new St Mark’s tower, support the Millcreek Promise Program, support the elementary school, promote greater economic utilization of the land area, and increase overall density. Impact of Community Development and or Reinvestment on Land Use, Layout of Principal Streets, and Population Densities Community reinvestment activities within the Project Area will mostly consist of development and economic enhancement of underutilized areas. The types of land uses will include: Hospital, Office, Retail, and Residential space. In order to promote the development of the Project Area, the Agency, along with property owners, developers, and/or businesses will need to construct infrastructure improvements and create better utilization of land. Land Use – It is anticipated that future development will create improvement opportunities for St Mark’s Hospital, Mill Creek Elementary School, office buildings, and retail buildings. Layout of Principal Streets – The proposed projects will not alter the configuration of principal streets. The roads will simply tie into the principal streets and enhance the overall accessibility of transportation connectivity. Population Densities – There are currently no residential developments in the Project Area. ---PAGE BREAK--- Page I 8 UTAH CODE §17C-5-105(C) UTAH CODE §17C-5-105(D) UTAH CODE §17C-5-105(E) UTAH CODE §17C-5-105(G) Standards Guiding the Community Reinvestment In order to provide maximum flexibility in the development and economic promotion of the Project Area, and to encourage and obtain the highest quality in development and design, specific development controls for the uses identified above are not set forth herein. Each development proposal in the Project Area will be subject to appropriate elements of the City’s General Plan; the Zoning Ordinance of the City, including adopted Architectural Design Guidelines pertaining to the area; institutional controls, deed restrictions if the property is acquired and resold by the Agency, other applicable building codes and ordinances of the City; and, as required by ordinance or agreement, review and recommendation of the Planning Commission, approval by the Agency and City Council. Each development proposal by an owner, tenant, participant or a developer shall be accompanied by site plans, development data and other appropriate material that clearly describes the extent of proposed development and any other data determined to be necessary or requested by the Agency or the City. How the Purposes of this Title Will Be Attained By Community Reinvestment It is the intent of the Agency, with the assistance and participation of private developers and property owners, to reimburse a cost of the St Mark’s medical tower façade, support the Promise Program, make park improvements to Mill Creek Elementary School, and enhance the streetscape, bus stops, and overall transit enhancements. Conformance of the Proposed Development to the Community's General Plan The proposed Community Reinvestment Project Area Plan and the development contemplated are consistent with the City’s General Plan and land use regulations. Describe any Specific Project or Projects that are the object of the Proposed Community Reinvestment One development is planned to be constructed within the Project Area. St Mark’s Hospital plans to construct a 5 story hospital tower with an enhanced façade. It is also proposed that the school make improvements to its buildings and space. Specifically they would create additional parking spaces, and an updated or new playground. ---PAGE BREAK--- Page I 9 UTAH CODE §17C-5-105(H) UTAH CODE §17C-5-105(I) Method of Selection of Private Developers to undertake the Community Reinvestment and Identification of Developers Currently Involved in the Process The City and Agency will partner with developers to create development as solicited or presented to the Agency and City that meets the development objectives set forth in this plan. The City and Agency retain the right to approve or reject any such development plan(s) that in their judgment do not meet the development intent for the Project Area. To the extent the RDA owns, controls, or partners on the land, the City and Agency may choose to solicit development through an RFP or RFQ process, through targeted solicitation to specific industries, from inquiries to the City and or Agency. The City and Agency will ensure that all development conforms to this Plan and is approved by the City. If seeking CRA funds all potential developers may need to provide a detailed development plan including sufficient financial information to provide the City and Agency with confidence in the sustainability of the development and the wherewithal of the developer to successfully finance said development. Such a review may include a series of studies and reviews including reviews of the developer’s financial statements, third-party verification of benefit of the development to the City, appraisal reports, etc. Any participation between the Agency and developers and or property owners shall be governed by a Participation/Development Agreement or similar agreement as approved by the Agency. Reason for Selection of the Project Area The Millcreek MedTech CRA provides an opportunity to accommodate the construction of a new hospital tower that will be a beneficial addition to the City. The state-of-the-art construction will add visible attractiveness to the city. The hospital tower will enable the hospital to take in additional patients and add a large increase in property tax gains for the City and the taxing entities. The new development will create new high to moderate paying jobs and increase the tax base to the City, County, School District and other taxing entities. It will provide enough funds to support important organizations in Millcreek. The funds created from this CRA are planned to support the Millcreek Promise Program, a program that enhances the economic well being of unemployed and underemployed Millcreek residents. It also focus on strengthening and supporting local school and maximizing academic success and educational outcomes. The Promise program also focuses on creating a safer, healthier community through support of local law enforcement and fitness and nutrition programs. It is the intent to use the funds from the MedTech CRA to also support the construction of more park space in the area for the neighborhood. There will also be funds used to beatify the streetscape and improve bus stops. ---PAGE BREAK--- Page I 10 UTAH CODE §17C-5-105(J) UTAH CODE §17C-5-105(K) Description of Physical, Social and Economic Conditions Existing in the Project Area Physical Conditions The Project Area consists of approximately 91 acres of land. Social Conditions The Project Area contains an elementary school and has future plans to support the construction of parks that will attract residents of the City. The Project Area is currently not occupied by any residential buildings. Economic Conditions The Project Area contains St Mark’s hospital which consists of several buildings, an elementary school, office buildings, and retail buildings. Description of any Tax Incentives Offered Private Entities for Facilities Located in the Project Area Tax increment arising from the development within the Project Area shall be used to reimburse a portion of the medical tower façade, support the promise program, Mill Creek Elementary improvements, park improvements, and transit improvements. Subject to provisions of the Act, the Agency may agree to pay for eligible costs and other items from taxes during the Tax Increment Collection Period which the Agency deems to be appropriate under the circumstances. The Agency will consider each request for support individually, paying close attention to the potential costs and benefits. In general, tax incentives may be offered to achieve the community reinvestment goals and objectives of this Plan, specifically to: Enable and accelerate economic development; Stimulate job development; Make needed infrastructure improvements to roads, street lighting, water, storm water, sewer, and parks and open space; Assist with property acquisition and/or land assembly; Provide attractive development for high-quality commercial/office tenants; Engineering mitigation and reclamation. The Project Area Budget will include specific participation percentages and timeframes for each taxing entity. Furthermore, a resolution and interlocal agreement will formally establish the participation percentage and Tax Increment Collection Period for each taxing entity. ---PAGE BREAK--- Page I 11 UTAH CODE §17C-5-105(2) UTAH CODE §17C-5-105(2)(ii)(A) UTAH CODE §17C-5-105(2)(ii)(B) UTAH CODE §17C-5-105(2)(B) Anticipated Public Benefit to be Derived from the Community Development The Beneficial Influences upon the Tax Base of the Community The beneficial influences upon the tax base of the City and the other taxing entities will include increased property tax revenues, increased sales and use tax revenues, and job creation. The increased revenues will come from the property values associated with new construction in the Project Area, as well as increased spending at new commercial properties and spending by the commercial and office space employees. Job growth in the Project Area will result in increased wages, increasing local purchases and benefiting existing businesses in the Project Area. Job growth will also result in increased income taxes paid, which will beneficial to the school district and the State of Utah. Additionally, business growth will generate corporate income taxes, also a benefit to the school district and State of Utah. There will also be a beneficial impact on the community through increased construction activity within the Project Area. Positive impacts will be felt through construction wages paid, as well as construction supplies purchased locally. The Associated Business and Economic Activity Likely to be Stimulated Other business and economic activity likely to be stimulated includes increased spending by new employees in the Project Area and in surrounding areas. This includes both direct and indirect purchases that are stimulated by the spending of the additional employees in the area. The development of a public park and other community amenities will help to create gathering areas for residents of the city and spur economic growth. Employees may make some purchases in the local area, such as convenience shopping for personal services (haircuts, banking, dry cleaning, etc.). The employees will not make all of their convenience or personal services purchases near their workplace and each employee’s purchasing patterns will be different. However, it is reasonable to assume that a percentage of these annual purchases will occur within close proximity of the workplace (assuming the services are available). The Millcreek City Center Project Area is an ideal location for a corporate headquarters. Efforts to Maximize Private Investment The Agency is in discussions with developers who are looking to develop properties located within the Project Area. Creating a CRA will act as a catalyst to jumpstart the development of the area and guide the development to be higher density and best uses. ---PAGE BREAK--- Page I 12 UTAH CODE §17C-5-105(2)(C) UTAH CODE §17C-5-105(2) But For Analysis The Project Area is located at a central location, on 3900 S in Millcreek that is prime for redevelopment. There are however, hurdles that are preventing further development of the area, such as a catalyst to encourage redevelopment. The medical tower with an enhanced façade will provide a great increase in property tax and greatly increase the visible attractiveness of the area. It will likely not get constructed and other developments will be delayed a number of years, or development will not maximize its envisioned potential. Based on the Benefits Analysis included in the following section, public participation will bring $6,701,212 of benefit to the taxing entities over the life of the Project Area, which is depicted in Table 7 below. Cost/Benefit Analysis Based on the land use assumptions, current economic and market demand factors, tax increment participation levels, public infrastructure, medical tower enhancements, and incentive needs, the following table outlines the benefits (revenues) and costs (expenditures) anticipated in the Project Area. This does not factor in the benefit of other economic multipliers such as job creation, disposable income for retail consumption, etc. For purposes of the RDA, Millcreek will only collect incremental property taxes from the taxing entities. Though sales tax and franchise tax will not be included in the City’s tax revenues, they’ve been included in the cost benefit analysis to show the overall benefit of the development to the City. The revenues calculated in this analysis are property, sales, and franchise tax. The expenditures consist of general government, public safety, public works, and property tax participation. The net benefit is calculated using total revenues less total expenditures. As shown below, the proposed community reinvestment will create a net benefit to Millcreek and the other taxing entities that levy a tax within the Project Area. TABLE 3: TOTAL TAX INCREMENT REVENUES Entity Total NPV at 4% Salt Lake County $1,905,749 $1,260,813 Salt Lake County Library 730,553 483,323 Granite School District 7,518,489 4,974,114 Millcreek 1,870,256 1,237,332 South Salt Lake Valley Mosquito Abatement District 13,803 9,132 Mt. Olympus Improvement District 259,292 171,544 Central Utah Water Conservancy District 372,671 246,553 Unified Fire Service Area 1,720,399 1,138,189 Total Sources of Tax Increment Funds $14,391,212 $9,520,999 TABLE 4: PARTICIPATED TAX INCREMENT FUNDS Entity Percentage Length Total NPV at 4% Salt Lake County 0% 20 Years - - Salt Lake County Library 0% 20 Years - - Granite School District 80% 15 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 13 TABLE 5: 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 TABLE 6: 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 7: 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 14 EXHIBIT A: Legal Description of Med-Tech CRA That area in Millcreek, Salt Lake County Utah known as the Med-Tech Community Reinvestment Agency located in Blocks 3, 4, 21, 22, and 23, Ten Acre Plat A, and also being located in the South Half of Section 32 and the Southwest Quarter of Section 33, Township 1 South, Range 1 East, Salt Lake Base and Meridian, being further described as follows: Begging at the intersection of 3900 South Street and 1300 East Street; thence S. 0°06’20” E. along the centerline of said 1300 East Street 606.74 feet, more, or less, to the easterly extension of the north boundary of the Hylai Park Subdivision recorded in Book Y, at Page 32 in the Office of the Salt Lake County Recorder, said north boundary also being the north boundary of Lot 11, Block 3, 10 Acre Plat A; thence S. 89°59’39” W. along said easterly extension and north boundary 792.13 feet, more, or less, and continuing S. 0°05’56” W. along the west boundary of said Subdivision 200.43 feet more, or less, to the northeast corner of the property described in Recital B in that Boundary Agreement recorded as entry number 7751546, said point also being in the north boundary of The Manor Subdivision recorded in Book CC, at Page 48; thence along said boundary, and the boundary of that property described in that Warranty Deed recorded as entry number 10439723 the following three courses; 1) West 214.43 feet, more, or less; 2) North 18.74 feet, more, or less, 3) West 91.25 feet, more, or less, to the northeast corner of the property described in that Special Warranty Deed recorded as entry number 11354223; thence along the boundary of said property and the north boundary of lot 4 of The Manor 4 Subdivision recorded in Book DD, at Page 14, the following three courses; 1) West 120.75 feet, more, or less; 2) South 18.14 feet, more, or less; 3) West 99.75 feet, more or less, to a point that is approximately 20.25 feet east of the northwest corner of said lot; thence North 30 feet to a point that is approximately 20.25 feet east of the east right of way of 1140 East Street; thence West 20.25 feet to said right of way and continuing West along the easterly extension of north boundary of said The Manor 4 Subdivision 339.30 feet, more, or less, to the east right of way of 1100 East Street; thence North along said east right of way 487 feet, more, or less, to the easterly extension of the north boundary of the property described in Schedule part 9 in that Quit Claim Deed recorded as entry number 4990065; thence N. 89°58’ W. along said extension, the north boundary of said property, the north boundary of the property described in Schedule part 8 in said Quit Claim Deed, and the north boundary of the property described in that Warranty Deed recorded as entry number 11131093 to the southeast corner of the property described in that Warranty Deed recorded as entry number 5996301; thence North along the east boundary of said property and extension thereof 246 feet, more, or less, to the centerline of 3900 South Street; thence N. 89°57’10” W. 651 feet, more, or less to the southerly extension of the easterly boundary of lot 10 in the Millwheel Acres Subdivision recorded in Book R, at Page 72; thence N. 0°12’30” E. along said extension and lot line 153.07 feet, more, or less, and continuing N. 0°12’30” E. along the east line of lot 5 in said subdivision 38.07 feet, more, or less, to the southwest corner of the property described in that Warranty deed recorded as entry number 10689685; thence east along the south boundary of said property 137 feet, more, or less, to the west boundary of lot 2 in the Tanner Subdivision recorded in Book S, at Page 23; thence S. 0°12’47” W. along the said west boundary 35.11 feet, more, or less, and S. 89°57’10”E. along the south boundary of said lot 85.98 feet, more, or less, to the west boundary lot 2 in the Kenneth Subdivision; thence S. 0°12’47” W. along said west boundary 41.12 feet, more, or less, and East along the south boundary of said lot and easterly extension thereof 155.18 feet to the east right of way of 1030 East Street and west boundary of lot 9 in said Kenneth Subdivision; thence N. 0°12’47” E. along said lot line 44.04 feet, more, or less, to the southwest corner of lot 8 in said Subdivision; thence east along the south line of said ---PAGE BREAK--- Page I 15 lot 122.79 feet, more, or less, to the east boundary of the property as it is described in that Warranty Deed recorded as entry number 12917453; thence N. 0°14’30” W. along said boundary and the east boundary of the property described in that Warranty Deed recorded as entry number 13010581 161.60 feet, more, or less, to the northeast corner of said property, and a southeast corner of lot 6 in said Kenneth Subdivision; thence North along the east boundary of said Subdivision 53.45 feet, more, or less, and N. 48°30’ W. along the Northeasterly boundary of said Subdivision 261.29 feet, more, or less, to the east boundary of lot 4A in the Kenneth Amended and Extended Subdivision recorded in Book 1998, at Page 97; thence along said boundary the following five courses; 1) North 35.81 feet, more, or less; 2) N. 62°13’00” W. 27.71 feet, more, or less; 3) N. 46°08’00” W. 50.00 feet, more, or less; 4) N. 29°44’00” W. 18.59 feet, more, or less; 5) S. 0°12’47” E. 37.65 feet, more, or less, to the southwesterly boundary of the property described as Parcel 2 in that Warranty Deed recorded as entry number 12917109; thence N. 48°30’00” W. along said boundary 122 feet, more, or less, to the east boundary of the property described as Parcel 2 in that Special Warranty Deed recorded as entry number 4896564; thence North along said east boundary and the east boundary of the property described as Parcel 1 in said Special Warranty Deed 208 feet, more, or less, to the southwest corner of lot 32 in the Rippe’ Acres Subdivision recorded in Book Y, at Page 49; thence East along the south boundary of said Subdivision, and the south boundaries of following four properties 1) the property described in that Special Warranty Deed recorded as entry number 1876318; 2) the property described in that Warranty Deed recorded as entry number 12025081; 3) the property described in that Warranty Deed recorded as entry number 11558336; 4) the property described in that Quit Claim Deed recorded as entry number 3034919, 1059.02 feet to the west right of way of 1100 East Street; thence easterly 66 feet, more, or less, to the southwest corner of the Cutler Village Addition No. 2 Subdivision recorded in Book Q, at Page 34; thence N. 89°47’21” E. along the south boundary of said Subdivision 759.74 feet, more, or less, to the west boundary of the Cherry Ridge Subdivision recorded in Book N, at Page 34; thence S. 0°16’37” W. along said west boundary 1011.50 feet, more, or less, to the southwest corner of lot 3 in said Cherry Ridge Subdivision; thence East along the south boundary of said lot 113.64 feet, more, or less, to the west right of way of 1215 East Street; thence Southerly along said right of way 148.77 feet, more, or less to the north right of way of 3900 South Street; thence N. 89°47’20” E. 195.85 feet, more, or less, to a southeast corner of said Cherry Ridge Subdivision; thence N. 0°17’24” E. along said boundary 288.21 feet, more, or less, to the southwest corner of the Garns Court Subdivision recorded in Book T, at Page 19; thence S. 89°47’20” E. along the south boundary of said Subdivision 284.60 feet, more, or less, and N. 0°18’14” E. along the east boundary of said Subdivision 111.04 feet, more, or less, to the southwest corner of the Canyon Hollow P.U.D. recorded in Book 2016, at Page 105; thence N. 89°47’57” E. along the south boundary of said P.U.D. and extension thereof 223.01 feet, more, or less, to the centerline of 1300 East Street; thence S. 0°18’43” W. along said centerline 176.71 feet, more, or less, to the westerly extension of the south boundary of the Little’s Place Subdivision recorded in Book 2006, at Page 203; thence N. 89°48’ E. along said extension and right of way 222.76 feet, more, or less, and continuing N.89°48’ E. along the south boundaries of the Rancho Villa No. 3 Subdivision recorded in Book BB, at Page 53, and the Rancho Villa No.4 Subdivision recorded in Book EE, at Page 52, 440.99 feet, more, or less, to the west right of way of Montecito Street; thence S. 0°18’43” E. along said right of way 260.99 feet, more, or less, to the centerline of 3900 South Street; thence S.89°48’ W. along said centerline 663.74 feet, more, or less, to the point of beginning. The above described Community Reinvestment Agency contains 0.104 square miles or 66.7181 acres, more, or less. ---PAGE BREAK--- Page I 16 EXHIBIT B: CRA Project Area Map MAP OF PROPOSED PROJECT AREA BOUNDARIES ---PAGE BREAK--- Page I 17 EXHIBIT C: Parcel List OWNER PARCEL TAXABALE VALUE ACREAGE LAST CHAPTER LLC, 16323290180000 $462,900 0.48 SCHLOSSER ALT HOLDINGS LLC 16324010120000 336,100 0.64 GH2, LLC 16324010130000 656,400 0.31 SALT LAKE COUNTY 16324010140000 - 10.00 NORTHERN UTAH HEALTHCARE CORPORATION 16324010230000 269,100 0.28 LORI J RIDDLE 16324010240000 386,100 0.45 BAG FAM LIV TRUST; E REX HOLMAN 16324010270000 2,404,900 1.31 JERRY ZHAO; BROOKE ZHAO (JT) 16324010290000 1,870 0.02 SCHLOSSER ALT HOLDINGS LLC 16324010300000 1,402,300 0.18 BOARD OF EDUCATION OF GRANITE SCHOOL DISTRICT 16324020010000 - 10.00 CENTURION PROPERTIES, LLC 16324020180000 688,900 0.54 1109 E 3900 S SLC UTAH, LLC 16324020200000 1,510,300 0.94 VALLEY MENTAL HEALTH 16324020220000 681,770 3.15 TALKAU PARKVIEW UTAH LLC 16324020230000 4,668,500 2.68 UG REAL ESTATE LLC 16324020250000 849,900 0.59 DMTS PROPERTIES, LLC 16324030020000 412,700 0.23 MB & GB, LLC 16324030050000 247,600 0.18 POND HOUSE LLC 16324040170000 2,361,100 10.00 GRANT R FAIRBANKS 16324050010000 584,000 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050020000 183,300 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050030000 137,700 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050040000 109,200 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050050000 127,800 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050060000 140,000 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050070000 166,400 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050080000 120,800 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050090000 109,600 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050100000 207,600 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050110000 93,900 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050120000 109,200 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050130000 154,100 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050140000 350,900 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050150000 188,100 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050160000 180,400 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050170000 469,000 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050180000 143,600 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050190000 119,000 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050200000 194,100 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050210000 158,200 0.01 ---PAGE BREAK--- Page I 18 NORTHERN UTAH HEALTHCARE CORPORATION 16324050220000 139,000 0.01 A REKOW 16324050230000 176,400 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050240000 176,400 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050250000 277,100 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050260000 321,600 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050270000 321,600 0.01 NORTHERN UTAH HEALTHCARE CORPORATION 16324050280000 671,400 0.01 PARKVIEW B MEDICAL OFFICE CONDO OWNERS ASSOCIATION INC. 16324050290000 - 2.01 QUESTAR GAS COMPANY 16324270180000 - 0.01 SALT LAKE COUNTY 16324270230000 - 0.01 VALLEY BANK INVESTMENT CO 16324280100000 1,667,800 0.56 SALT LAKE COUNTY 16324280110000 - 0.10 STARK 39 LLC 16324280140000 12,044,800 10.00 MF TRUST; AER&JCR R FAM TRUST 16324290010000 1,364,400 2.18 NORTHERN UTAH HEALTHCARE CORPORATION 16324290020000 818,500 1.74 HCPI/UTAH, LLC 16324290050000 16,777,300 0.55 HCPI/UTAH LLC 16324290060000 21,503,600 0.55 NORTHERN UTAH HEALTHCARE CORPORATION 16324290070000 56,066,300 17.80 DRAGON DINER CUISINE RESTAURANT INC 16324300100000 177,200 0.32 SALT SEVEN LLC 16324300110000 537,500 10.00 DRAGON DINER CUISINE RESTAURANT INC 16324300120000 210,600 0.25 JENSEN PROPERTIES SLC LLC 16333040160000 1,948,300 0.99 HERITAGE SQUARE CONDMN COMMON AREA MASTER CARD 16333050010000 - 1.60 STEVEN D CARPENTER 16333050020000 164,000 0.01 WILLIAM R ADAMS; DIANE W ADAMS (JT) 16333050030000 163,200 0.01 TRUST NOT IDENTIFIED 16333050040000 148,100 0.01 TRUST NOT IDENTIFIED 16333050050000 215,600 0.01 GARLING PROPERTIES, LLC 16333050060000 189,200 0.01 BCJ PROPERTIES, LLC 16333050070000 165,100 0.01 GVC PROPERTIES, LLC 16333050080000 213,300 0.01 GVC PROPERTIES, LLC 16333050090000 152,500 0.01 SALVATORE LLC 16333050100000 187,300 0.01 JILL GOORMAN HOLDINGS, LLC 16333050110000 204,600 0.01 DBCC BROWN FAMILY PROPERTIES, LLC 16333050120000 178,400 0.01 WASATCH SLEEP HEALTH CENTER, INC 16333050130000 187,400 0.01 KENT A GIAUQUE 16333050140000 206,000 0.01 HAL G POLLOCK; ELAINE POLLOCK (JT) 16333050150000 254,900 0.01 JOHN R CONNER 16333050160000 163,900 0.01 ROLIN ENTERPRISES LLC 16333050170000 96,400 0.01 ROLIN ENTERPRISES, LLC 16333050180000 $128,800 0.01 ---PAGE BREAK--- Page I 19 EXHIBIT D: Resolution Authorizing Preparation of Draft Community Reinvestment Project Area Plan ---PAGE BREAK--- Page I 20