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Millcreek FY 2020-21 Annual C.R.A. Budget 1 www.millcreek.us ---PAGE BREAK--- Millcreek FY 2020-21 Annual C.R.A. Budget 2 www.millcreek.us Table of Contents Community Reinvestment Agency 3 Budget Timeline 4 Millcreek Center 5 West Millcreek 6 C.R.A. Fund Revenue Budget 7 C.R.A. Fund Expense Budget 9 ---PAGE BREAK--- Millcreek FY 2020-21 Annual C.R.A. Budget 3 www.millcreek.us FY 2020-21 C.R.A. Budget Prepared By: John Geilmann, City Manager Mike Winder, Economic Development Director Josie Angerhofer, Assistant to the Economic Development Director Laurie Johnson, HR-Finance Director Stephanie Bond, HR-Finance Assistant Jeffrey Silvestrini Chairman Silvia Catten Board Member Dwight Marchant Board Member Cheri Jackson Board Member Beverly Uipi Board Member Community Reinvestment Agency Board T he Millcreek City Council serves as the Community Reinvestment Agency Board. The purpose of the Community Reinvestment Agency is to help form and oversee Community Reinvestment Areas which allow the community to capture tax increments during a designated time period and reinvest it back into the area to help fund improvements. These funds are a valuable resource to help the City fulfill its planning, economic development, and place making goals. The Millcreek Community Reinvestment Agency currently manages two C.R.A.s: West Millcreek and Millcreek Center, and is in the process of creating two new C.R.A.s: Canyon Rim Commons and Olympus Hills. Community Reinvestment Agency ---PAGE BREAK--- Millcreek FY 2020-21 Annual C.R.A. Budget 4 www.millcreek.us Budget Timeline APRIL S M T W TH F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 MAY S M T W TH F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 JUNE S M T W TH F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 April 13, 2020 Community Reinvestment Agency Meeting (CRA): Review FY 2020-21 CRA Fund Tentative Budget April 27, 2020 Community Reinvestment Agency Meeting (CRA): Present FY 2020-21 CRA Fund Tentative Budget Tentatively Adopt FY 2020-21 CRA Fund Tentative Budget May 11, 2020 Community Reinvestment Agency Meeting (CRA): Public Hearing on FY 2020-21 CRA Fund Tentative Budget June 22, 2020 Community Reinvestment Agency Meeting (CRA): Adopt FY 2020-21 CRA Fund Annual Budget ---PAGE BREAK--- Millcreek FY 2020-21 Annual C.R.A. Budget 5 www.millcreek.us Millcreek Center The Millcreek Center is the Millcreek Community Reinvestment Agency’s newest adopted community reinvestment area. This project aims to create a downtown City Center and will include community gathering spaces, plazas, and a mix of uses to promote civic pride and enhance the city’s tax base—all while supporting local businesses and helping them thrive. Over the next 20 years, 75-80% of all new property tax revenue will be reinvested back into this project area for improvements such as the focal point fault line park and the implementation of new sidewalks, street lights, planter boxes, and parking spaces and structures. For more information on this project, p l e a s e v i s i t h t t p s : / / millcreek.us/275/Millcreek-Center- CRA. Millcreek City Center Rendering. ---PAGE BREAK--- Millcreek FY 2020-21 Annual C.R.A. Budget 6 www.millcreek.us West Millcreek The West Millcreek C.R.A. was transferred to the Millcreek Community Reinvestment Agency from Salt Lake County at the beginning of 2019. This project area includes 184 acres of multi- residential, minor commercial, and light industrial uses and is bordered by 200 East, I-15, 3900 South, and Big Cottonwood Creek. Recent focuses of this C.R.A. include the completion of the Artesian Springs apartment complex, and the development of the Opus Green townhomes project which will include a trail walk and a children’s park. The goal of this C.R.A. is to bring increased property tax revenue to the participating taxing entities, who will receive 20% of the tax increment until the project is complete. Until then, over the next 20 years, 80% will be reinvested into this project area by the Millcreek Community Reinvestment Agency. For more information on this project, please visit West-Millcreek-CRA. Artesian Springs Apartments ---PAGE BREAK--- Millcreek FY 2020-21 Annual C.R.A. Budget 7 www.millcreek.us C.R.A. Fund Revenue Budget ---PAGE BREAK--- Millcreek FY 2020-21 Annual C.R.A. Budget 8 www.millcreek.us C.R.A. Fund Revenue FY 2018-19 Actuals FY 2019-20 Estimated Actuals FY 2020-21 Budget % Change From Previous Year COMMUNITY REINVESTMENT FUND (CRA) REVENUES 201 Millcreek Center CRA 3110 Property Tax - - - 0.00% 3430 Rents & Leases - 90,000 - -100.00% 3610 Interest (Bond) - 130,000 50,000 -61.54% 3620 Misc. - - - 0% 3680 Loan Proceeds - 603,505 721,800 19.60% 3690 Bond Proceeds - 20,174,316 - -100.00% 3820 Use of Fund Balance - - 6,339,423 0% Total Millcreek Center CRA - $ 20,997,821 $ 7,111,223 $ -66.13% 202 West Millcreek CRA 3110 Property Tax 977,069 982,613 950,000 -3.32% 3610 Interest 5,288 5,000 5,000 0.00% 3620 Misc. - - - 0.00% 3820 Use of Fund Balance - 28,392 174,800 515.67% Total West Millcreek CRA 982,357 $ 1,016,005 $ 1,129,800 $ 11.20% Total CRA Revenue 982,357 $ 22,013,826 $ 8,241,023 $ -62.56% MILLCREEK FY 2020-21 COMMUNITY REINVESTMENT AGENCY (CRA) FUND REVENUE BUDGET ---PAGE BREAK--- Millcreek FY 2020-21 Annual C.R.A. Budget 9 www.millcreek.us C.R.A. Fund Expense Budget ---PAGE BREAK--- Millcreek FY 2020-21 Annual C.R.A. Budget 10 www.millcreek.us C.R.A. Fund Expenses FY 2018-19 Actuals FY 2019-20 Estimated Actuals FY 2020-21 Budget % Change From Previous Year COMMUNITY REINVESTMENT FUND (CRA) EXPENSES 201-5310 Millcreek Center CRA 3100 Professional Services 500,000 400,000 -20.00% 4100 Administration - - - 0.00% 5100 Housing - - - 0.00% 5200 Tax Increment Commitments - - 0.00% 5300 Debt Expense 129,893 - -100.00% 5400 Debt Interest 603,505 721,800 19.60% 5500 Debt Principal - - 0.00% 6100 Miscellaneous 30,000 125,000 250,000 100.00% 7100 Reserve - 6,339,423 - 0.00% 7110 Land - 13,800,000 - -100.00% 8100 City Center Construction - - 6,139,423 0.00% Total Millcreek Center CRA 30,000 $ 20,997,821 $ 7,111,223 $ -66.13% 202-5310 West Millcreek CRA 3100 Professional Services - - - 0.00% 4100 Administration 19,630 39,000 38,000 0.00% 5100 Housing (20%) 98,150 196,500 190,000 -3.31% 5200 Tax Increment Commitments 164,592 177,000 180,000 1.69% 5300 Debt Expense - - - 0.00% 5400 Debt Interest - - - 0.00% 5500 Debt Principal - - - 0.00% 5600 Loan to Millcreek Center CRA - 603,505 721,800 19.60% 6100 Miscellaneous - - - 0.00% 7100 Reserve 669,986 - - 0.00% 7110 Land - - - 0.00% Total West Millcreek CRA 952,358 $ 1,016,005 $ 1,129,800 $ 11.20% Total CRA Expenses 982,358 $ 22,013,826 $ 8,241,023 $ -62.56% MILLCREEK FY 2020-21 COMMUNITY REINVESTMENT AGENCY (CRA) FUND EXPENSE BUDGET