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NOVEMBER 1, 2021 2021 ANNUAL REPORT MILLCREEK COMMUNITY REINVESTMENT AGENCY, UT IN COMPLIANCE WITH UTAH CODE SECTION 17C-1-603 ---PAGE BREAK--- Page I 1 TABLE OF CONTENTS SECTION 1: EXECUTIVE SUMMARY 2 INTRODUCTION 2 OVERVIEW OF THE REINVESTMENT AGENCY 3 SUMMARY OF REQUESTED FUNDS 5 SECTION 2: WEST MILLCREEK URA 7 SOURCES OF FUNDS 7 USES OF FUNDS 8 PROJECT AREA REPORTING AND ACCOUNTABILITY 8 NOTABLE DEVELOPMENT AND FUTURE PROJECTS 9 FORECASTED PROJECT AREA BUDGET UPDATE 9 OTHER ISSUES 10 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS 10 MAP OF WEST MILLCREEK PROJECT AREA 15 SECTION 3: MILLCREEK CENTER CRA 16 SOURCES OF FUNDS 16 USES OF FUNDS 17 PROJECT AREA REPORTING AND ACCOUNTABILITY 17 NOTABLE DEVELOPMENT AND FUTURE PROJECTS 18 FORECASTED PROJECT AREA BUDGET UPDATE 19 OTHER ISSUES 19 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS 19 MAP OF MILLCREEK CENTER PROJECT AREA 24 SECTION 4: OLYMPUS HILLS CRA 25 SECTION 5: CANYON RIM COMMONS CRA 26 SECTION 6: WOODLAND AVENUE CRA 27 SECTION 7: MEDTECH CRA 28 ---PAGE BREAK--- Page I 2 SECTION 1: EXECUTIVE SUMMARY INTRODUCTION Lewis Young Robertson & Burningham, Inc (“LYRB”) has been retained by the Millcreek Community Reinvestment Agency (the “Agency”) to assist with the management and reporting requirements of the Agency’s two active project areas, and a brief overview of the Agency’s yet to be triggered project areas: West Millcreek; Millcreek Center; Olympus Hills; Canyon Rim; Woodland Avenue; and, MedTech The purpose of this report, in part, is to fulfill the requirements of Utah Code section 17C-1-603 – Agency Report. As new reporting requirements were adopted in legislation and became effective in 2011 and again revised and updated in 2016, this report facilitates the RDA’s compliance with the new code, providing the data necessary to fulfill the Agency Report requirements. This section of Utah Code mandates that the Agency provide an annual report to the county auditor, the State Tax Commission, the State Board of Education, as well as each of the taxing entities that levy a tax on property from which the Agency collects tax increment. The taxing entities involved in the various project areas of the Agency, to which this report is being provided, are summarized in the table below. This annual report is for informational purposes and is intended to provide an overview of each Project Area that lies within the boundaries of the RDA, including descriptions of each Project Area, significant activities, project timelines, actual and estimated tax increment collections, and any other information pertinent to the taxing entities. It is important to note that the annual report is currently in a transitioning phase as updated Utah Code section 17C-1- 603 states that, beginning in 2022, the annual RDA report will be disseminated only to the Governor’s Office of Economic Opportunity’s (“GO Utah”) database and will be due on or before June 30th of each calendar year. The November 1st deadline will be eliminated and electronic submission of the report to the taxing entities, County Auditor, State Tax Commission, State Board of Education will be replaced with the GO Utah database. LYRB will continue to provide the annual RDA report in strict compliance with the requirements laid out in 17C-1-603. Table 1.1: RDA Taxing Entities RDA TAXING ENTITIES Jeff Silvestrini Millcreek City Laurie Johnson Millcreek City Mike Winder Millcreek City Salt Lake County Council Salt Lake County Scott Tingley Salt Lake County Auditor David Garrett Granite School District Gene Shawcroft Central Utah Water Conservancy District Lisa Anderson Central Utah Water Conservancy District Greg Neff Cottonwood Improvement District Kerry Eppich Mt Olympus Improvement District Brian Hougaard South Salt Lake Valley Mosquito Abatement District Deborah Jacobson Utah State Board of Education Lorraine Austin Utah State Board of Education Scott Smith Utah State Tax Commission ---PAGE BREAK--- Page I 3 Provided in this report is an overview of the West Millcreek Project Area, Millcreek Center Project Area, including summaries of the current and projected budgets, sources and uses of tax increment funds, Project Area growth statistics, and identification of certain concerns/needs. Additionally, this report includes brief overviews of the Olympus Hills Project Area, Canyon Rim Project Area, Woodland Project Area, and the MedTech Project Area OVERVIEW OF THE REINVESTMENT AGENCY Originally, under the Act, each project area created by a Redevelopment Agency was classified simply as a Redevelopment Area (RDA). In 1998, the Act was expanded to allow the creation of various types of project areas to be used to achieve different outcomes, including Urban Renewal Area (URA) and Economic Development Area (EDA). In 2006, the Act was further modified to provide for an additional project area type, Community Development Area (CDA). Changes to the Act, made in 2016 and 2019, put an end to the three aforementioned classifications. Going forward all project areas envisioned and created by a Redevelopment Agency are categorized by a single designation and are known as Community Reinvestment Areas (CRA). Previously created projects will still be subject to the predecessor rules under which they were created and will still be designated as RDAs, URAs, CDAs, and EDAs but new projects will need to conform to the CRA modifications. CRAs are created under a Redevelopment Agency. To create a CRA, an Agency must first adopt a survey resolution that designates a survey area and authorizes the Agency to prepare a project area plan and budget. The draft budget and plan are then created and then the Agency must meet the noticing requirements concerning its intent to adopt the plan and budget. Once the Agency adopts the draft plan and budget as the final plan and budget after a public hearing, it can then collaborate with the taxing entities. If the agency plans to use eminent domain in the CRA, a blight study must be performed in the designated area. The Agency then forges an agreement to receive tax increment participation and approval of the blight study from a taxing entity committee (TEC). With the potential use of eminent domain and a TEC, the CRA is required to allocate 20% of its tax increment revenue to affordable housing. If the agency does not intend to pursue eminent domain, interlocal agreements for tax increment participation can be entered into with individual taxing entities. No TEC is required. The affordable housing requirement for this approach is only 10% of the CRA’s tax increment revenue. The West Millcreek Project Area is classified as a URA, the other five Project Areas were created after 2016 and all have a CRA classification, and tax increment participation is agreed to by each of the taxing entities through interlocal agreement. AUTHORITIES AND POWERS OF THE AGENCY The authority of the Agency is directed by UCA Title 17C. 17C-1-202 An agency may: Sue and be sued; Enter into contracts generally; Buy, obtain an option upon, or otherwise acquire an interest in real or personal property; Sell, convey, grant, dispose of by gift, or otherwise dispose of any interest in real or personal property; Enter into a lease agreement on real or personal property, either as lessee or lessor; Provide for urban renewal, economic development, and community development as provided in this title; Receive tax increment as provided in this title; If disposing of or leasing land, retain controls or establish restrictions and covenants running with the land consistent with the project area plan; ---PAGE BREAK--- Page I 4 Accept financial or other assistance from any public or private source for the agency’s activities, powers, and duties, and expend any funds so received for any of the purposes of this title; Borrow money or accept financial or other assistance from the federal government, a public entity, or any other source for any of the purposes of this title and comply with any conditions of the loan or assistance; Issue bonds to finance the undertaking of any urban renewal, economic development, or community development or for any of the agency’s other purposes, including; • Reimbursing an advance made by the agency or by a public entity or the federal government to the agency; • Refunding bonds to pay or retire bonds previously issued by the agency; and • Refunding bonds to pay or retire bonds previously issued by the community that created the agency for expenses associated with an urban renewal, economic development, or community development project; and Transact other business and exercise all other powers provided for in this title. GOVERNING BOARD OF TRUSTEES AND STAFF MEMBERS Table 1.2: Board of Trustees GOVERNING BOARD OF TRUSTEES Jeff Silvestrini Chairman Millcreek City Mayor Silvia Catten Vice Chair Millcreek City Council Member Dwight Marchant RDA Board Member Millcreek City Council Member Cheri Jackson RDA Board Member Millcreek City Council Member Bev Uipi RDA Board Member Millcreek City Council Member Table 1.3: Administration & Staff Members ADMINISTRATION & STAFF MEMBERS Jeff Silvestrini Executive Director Millcreek City Mayor Laurie Johnson RDA Staff Finance Director Mike Winder RDA Staff Assistant City Manager/Economic Development Director Josie Showalter RDA Staff Assistant to Economic Development Director ---PAGE BREAK--- Page I 5 SUMMARY OF REQUESTED FUNDS In accordance with Utah Code 17C-1-603(3), this report is for informational purposes only, and does not alter the amount of tax increment that this Agency is entitled to collect. The Agency requests all tax increment legally available from each of the Agency’s project areas described below; however, these estimates should in no way be interpreted or applied as a limitation upon the amount the Agency is entitled to receive under applicable statute(s), project area budget(s), taxing entity committee resolutions, and/or interlocal cooperation agreements. Table 1.4: Estimate of Tax Increment ESTIMATE OF TAX INCREMENT TO BE PAID TO THE AGENCY TY 2021 (Ending Dec. 31, 2021) TY 2022 (Beginning Jan. 1, 2022) Property Tax Increment West Millcreek URA $1,151,829 $1,153,855 Millcreek Center CRA 265,847 487,091 Total Revenue $1,417,676 $1,640,946 Table 1.5: Active Project Area Acreage and Residential Housing ACREAGE Developed Undeveloped Misc. Total Residential West Millcreek URA 170.26 13.74 - 184 19.02 Millcreek Center CRA 98.93 6.07 - 105 10.87 ---PAGE BREAK--- Page I 6 GENERAL OVERVIEW OF ALL PROJECT AREAS LYRB has updated the Project Area Budget for each area which includes a multi-year projection of revenues based upon current market conditions. The combined projection for all three Project Areas forecasts that the areas will generate approximately $44.43M for the remainder of the life of the projects. Table 1.6: Tax Increment Received TAX INCREMENT RECEIVED – ALL PROJECT AREAS Revenues FY 2021 Totals Estimated Remaining Life Property Tax Increment West Millcreek URA $1,189,492 $16,151,938 Millcreek Center CRA 45,568 28,281,705 Property Tax Increment Subtotal $1,236,060 $44,433,643 Other Revenue West Millcreek URA $4,161 Millcreek Center CRA $708,658 - Other Revenue Subtotal $712,819 Total Revenues $1,948,879 $44,433,643 Expenditures FY 2021 Totals Estimated Remaining Life RDA Administration West Millcreek URA $47,580 $646,078 Millcreek Center CRA 2,328 1,414,085 Housing West Millcreek URA $237,898 $3,230,388 Millcreek Center CRA 6,993 4,242,256 Interfund Loan Payment West Millcreek URA $675,161 Tax Increment Commitments West Millcreek URA $240,891 $3,372,474 Salt Lake County Mitigation Payment Millcreek Center CRA $2,351 $1,438,731 Professional Services Millcreek Center CRA $933,342 Debt Service Payment Millcreek Center CRA $721,729 Land Purchase Millcreek Center CRA $6,219,838 Miscellaneous Millcreek Center CRA $15,532 Contribution To/(From) Fund Balance West Millcreek URA ($7,877) $8,902,999 Millcreek Center CRA (7,146,888) 21,186,633 Total Expenditures $1,948,879 $44,433,644 ---PAGE BREAK--- Page I 7 SECTION 2: WEST MILLCREEK URA Table 2.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate URA 184 Blight Remediation ACM ACO ACQ 0.014175 0.014262 0.013809 Creation Year Base Year Term Trigger Year Expiration Year FY 2009 FY 2009 20 Years TY 2015 TY 2034 Base Value TY 2020 Value Increase FY 2020 Increment Remaining Life $112,484,802 $218,413,219 94% $1,189,492 14 Years Salt Lake County Redevelopment Agency created this project area in 2009. The Project Area is governed by the West Millcreek Project Area Plan dated November 2009. After Millcreek was incorporated as a municipality Salt Lake County Redevelopment Agency transferred the project to the Agency. The base year is 2009. The first year of tax increment collection was 2015. Tax increment will be collected for a period of 20 years under the project area budget. The West Millcreek Project Area includes 184 acres of multi-residential, minor commercial, and light industrial uses. The Project Area is bordered by 200 East, Interstate 15, 3900 South, and Big Cottonwood Creek (4250 South), with two TRAX stations that are accessible anywhere within a half-mile radius of the Project Area. The Project Area was created to remove blight and rehabilitate the area to help ensure a viable economic life for the community. The Plan originally envisioned a mix of uses included residential, industrial, manufacturing, and commercial office spaces. SOURCES OF FUNDS The Project Area drew property tax increment beginning with the taxes collected in 2015 and remitted to the Agency in 2016 and continued for 20 years through and including taxes collected in 2034 and paid to the Agency in 2035. The Agency has received tax increment revenue every year beginning in 2016. The tax increment level is currently set according to the following schedule: Table 2.2: Sources of Funds FY 2021 SOURCES OF FUNDS Property Tax Increment $1,189,492 Interest Income 4,161 Total Sources of Funds $1,193,653 ---PAGE BREAK--- Page I 8 Table 2.3: Tax Increment Levels PARTICIPATION RATES Taxing Entity Percentage Years Salt Lake County (Library) 80% 20 Years Granite School District 80% 20 Years Millcreek City 80% 20 Years South Salt Lake Valley Mosquito Abatement District 80% 20 Years Cottonwood Improvement District 80% 20 Years Mt. Olympus Improvement District 80% 20 Years Central Utah Water Conservancy District 80% 20 Years Jordan Valley Water Conservancy District 80% 20 Years Unified Fire Service Area 80% 20 Years USES OF FUNDS PROJECT AREA REPORTING AND ACCOUNTABILITY COMPARISON OF FORECASTED AND ACTUAL TAX INCREMENT Table 2.5: Realization of Tax Increment REALIZATION OF TAX INCREMENT ACTUAL FORECASTED % OF PROJECTION TAX INCREMENT GENERATED IN PROJECT AREA Property Tax Increment – FY 2021 $1,189,492 $973,160 122.2% RELATIVE GROWTH IN ASSESSED VALUE Table 2.6: Growth in Assessed Value GROWTH IN ASSESSED VALUE CURRENT YEAR COMPARISON YEAR GROWTH RATE AAGR ASSESSED VALUES IN PROJECT AREA Annual Growth in Project Area (2020 vs. 2019) $218,413,219 $195,008,719 12.0% 12.0% Lifetime Growth in Project Area (2020 vs. Base) $218,413,219 $112,484,802 94.2% 6.2% ASSESSED VALUES IN MILLCREEK CITY Annual Growth in Millcreek (2020 vs. 2019) $5,833,656,428 $5,459,043,438 6.9% 6.9% Project Area Life Growth in Millcreek (2020 vs. 20171) $5,833,656,428 $4,639,095,176 34.2% 10.3% 1 2017 was the first year that Millcreek City’s assessed value was calculated separate from Salt Lake County’s. Table 2.4: Uses of Funds FY 2021 USES OF FUNDS Agency Administration $47,580 Housing 237,898 Interfund Loan to Millcreek Center CRA 675,161 Tax Increment Commitments 240,891 Contribution to/(from) Fund Balance (7,877) Total Uses of Funds $1,193,653 ---PAGE BREAK--- Page I 9 BENEFITS DERIVED BY PARTICIPATING TAXING ENTITIES The most significant benefit to the taxing entities will be realized when the life of the Project Area expires in tax year 2034. At that point the Agency will no longer receive tax increment and the taxing entities will receive property tax income based on the full assessed value in the Project area. GROWTH IN PROPERTY TAX INCREMENT Table 2.8: Growth in Tax Increment GROWTH IN TAX INCREMENT ACTUAL REVENUES BASE YEAR VALUE REVENUES % ABOVE BASE TAX INCREMENT FROM PROJECT AREA Tax Year 2020 $1,189,492 $1,604,258 74.1% Lifetime Increment $4,035,585 $6,114,221 66.0% PASS THROUGH INCREMENT (ABOVE BASE) Tax Year 2020 $300,760 $1,604,258 18.7% Lifetime Increment $1,177,401 $6,114,221 19.3% NOTABLE DEVELOPMENT AND FUTURE PROJECTS The Project Area was created to remove blight and rehabilitate the area to help ensure a viable economic life for the community. The Plan originally envisioned a mix of uses included residential, industrial, manufacturing, and commercial office spaces. Current or recently completed construction within the Project Area include: Moda Meadowbrook The Front Climbing Club Artesian Springs Apartments Moda Glenwood Opus Green FORECASTED PROJECT AREA BUDGET UPDATE The multi-year budget attached to this document and summarized below displays revenue in the fiscal year received rather than the calendar year collected. Table 2.7: Benefits to Taxing Entities BENEFITS TO TAXING ENTITIES -Job creation -Increase property and sales tax revenue ---PAGE BREAK--- Page I 10 Table 2.9: Project Area Budget PROJECT AREA BUDGET FY 2022-2035 REVENUES TOTALS Tax Increment $16,151,938 Total Revenue $16,151,938 EXPENDITURES TOTALS Agency Administration $646,078 Housing 3,230,388 Tax Increment Commitments 3,372,474 Contribution To/(From) Fund Balance 8,902,999 Total Expenditures $16,151,938 OTHER ISSUES The Agency has not identified any major issues within the West Millcreek URA. All relevant information for the Project Area has been outlined in this section of the 2021 Annual Report. PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS The following four sheets represent the FY 2021, FY 2022, FY2023, as well as a multi-year budget from 2019 through 2035. ---PAGE BREAK--- Page I 11 2021 Annual Budget Tax Year 2020 Payment Year 2021 REVENUE: TAXABLE VALUATION: Tax Area ACM Assessed Value 99,442,632 $ Tax Area ACO Assessed Value 114,080,278 $ Tax Area ACQ Assessed Value 4,890,309 Total Assessed Value 218,413,219 $ Less: Tax Area ACM Base Year Value (44,833,302) $ Less: Tax Area ACO Base Year Value (62,944,286) $ Less: Tax Area ACQ Base Year Value (4,707,214) $ Incremental Assessed Value 105,928,417 $ Tax Rate: Total Tax Rate ACM 0.014175 Total Tax Rate ACO 0.014262 Total Tax Rate ACQ 0.013809 TAX INCREMENT REVENUES Tax Increment Calculated: 1,503,801 $ County Auditor Adjustments: (13,551) $ Total Tax Increment: 1,490,250 $ Percent of Tax Increment for Project 80% TAX INCREMENT REVENUES Tax Increment 1,189,492 $ Interest 4,161 Total Revenues To Agency 1,193,653 $ EXPENDITURES: Administration Fee 47,580 $ Housing (20%) 237,898 Interfund Loan to City Center CRA 675,161 Tax Increment Commitments 240,891 Contribution To/(From) Fund Balance (7,877) TOTAL EXPENDITURES 1,193,653 $ Millcreek City - West Millcreek URA ---PAGE BREAK--- Page I 12 2022 Annual Budget Tax Year 2021 Payment Year 2022 REVENUE: TAXABLE VALUATION: Tax Area ACM Assessed Value 99,442,632 $ Tax Area ACO Assessed Value 114,080,278 $ Tax Area ACQ Assessed Value 4,890,309 Total Assessed Value 218,413,219 $ Less: Tax Area ACM Base Year Value (44,833,302) $ Less: Tax Area ACO Base Year Value (62,944,286) $ Less: Tax Area ACQ Base Year Value (4,707,214) $ Incremental Assessed Value 105,928,417 $ Tax Rate: Total Tax Rate ACM 0.013577 Total Tax Rate ACO 0.013659 Total Tax Rate ACQ 0.013208 TAX INCREMENT REVENUES Tax Increment Calculated: 1,439,783 $ County Auditor Adjustments: - $ Total Tax Increment: 1,439,783 $ Percent of Tax Increment for Project 80% TAX INCREMENT REVENUES Tax Increment 1,151,829 $ Interest - Total Revenues To Agency 1,151,829 $ EXPENDITURES: Administration Fee 46,073 $ Housing (20%) 230,366 Interfund Loan to City Center CRA - Tax Increment Commitments 240,891 Contribution To/(From) Fund Balance 634,499 TOTAL EXPENDITURES 1,151,829 $ Millcreek City - West Millcreek URA ---PAGE BREAK--- Page I 13 2023 Annual Budget Tax Year 2022 Payment Year 2023 REVENUE: TAXABLE VALUATION: Tax Area ACM Assessed Value 99,442,632 $ Tax Area ACO Assessed Value 114,080,278 $ Tax Area ACQ Assessed Value 4,890,309 Total Assessed Value 218,413,219 $ Less: Tax Area ACM Base Year Value (44,833,302) $ Less: Tax Area ACO Base Year Value (62,944,286) $ Less: Tax Area ACQ Base Year Value (4,707,214) $ Incremental Assessed Value 105,928,417 $ Tax Rate: Total Tax Rate ACM 0.013577 Total Tax Rate ACO 0.013659 Total Tax Rate ACQ 0.013208 TAX INCREMENT REVENUES Tax Increment Calculated: 1,442,316 $ County Auditor Adjustments: - $ Total Tax Increment: 1,442,316 $ Percent of Tax Increment for Project 80% TAX INCREMENT REVENUES Tax Increment 1,153,855 $ Interest - Total Revenues To Agency 1,153,855 $ EXPENDITURES: Administration Fee 46,154 $ Housing (20%) 230,771 Interfund Loan to City Center CRA - Tax Increment Commitments 240,891 Contribution To/(From) Fund Balance 636,038 TOTAL EXPENDITURES 1,153,855 $ Millcreek City - West Millcreek URA ---PAGE BREAK--- Page I 14 West Millcreek URA Redevelopment Agency Multi-Year Budget Multi-year Project Area Ongoing Budget <======Historic Projected Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr. 11 Yr. 12 Yr. 13 Yr. 14 Yr. 15 Yr. 16 Yr. 17 Yr. 18 Yr. 19 Yr. 20 Fiscal Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Tax Year 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 ASSESED VALUATION ACM Millcreek Tax District ACM Incremental Value 27,189,912 28,824,965 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 54,609,330 ACO Millcreek Tax District ACO Incremental Value 31,467,474 49,019,220 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 51,135,992 ACQ Millcreek Tax District ACQ Incremental Value 4,679,732 183,095 183,095 183,095 183,095 183,095 183,095 183,095 183,095 183,095 183,095 183,095 183,095 183,095 183,095 183,095 Project Area Value 82,523,917 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 105,928,417 TAX INCREMENT ANALYSIS ACM Tax Rate Incremental Property Tax Rates Combined Rate 0.013082 0.014681 0.014175 0.013577 0.013577 0.013577 0.013577 0.013577 0.013577 0.013577 0.013577 0.013577 0.013577 0.013577 0.013577 0.013577 0.013577 ACO Tax Rate Incremental Property Tax Rates Combined Rate 0.013185 0.014775 0.014262 0.013659 0.013659 0.013659 0.013659 0.013659 0.013659 0.013659 0.013659 0.013659 0.013659 0.013659 0.013659 0.013659 0.013659 ACQ Tax Rate Incremental Property Tax Rates Combined Rate 0.012715 0.014298 0.013809 0.013208 0.013208 0.013208 0.013208 0.013208 0.013208 0.013208 0.013208 0.013208 0.013208 0.013208 0.013208 0.013208 0.013208 Tax Increment 1,503,801 1,439,783 1,442,316 1,442,316 1,442,316 1,442,316 1,442,316 1,442,316 1,442,316 1,442,316 1,442,316 1,442,316 1,442,316 1,442,316 1,442,316 Participation Rate 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% ACM Tax Increment Final Increment to Agency (408) - 619,099 592,228 593,145 593,145 593,145 593,145 593,145 593,145 593,145 593,145 593,145 593,145 593,145 593,145 593,145 ACO Tax Increment Final Increment to Agency (2,266) 581,092 568,975 558,378 558,773 558,773 558,773 558,773 558,773 558,773 558,773 558,773 558,773 558,773 558,773 558,773 558,773 ACQ Tax Increment Final Increment to Agency 53,529 1,416 1,221 1,935 1,935 1,935 1,935 1,935 1,935 1,935 1,935 1,935 1,935 1,935 1,935 1,935 PROJECT AREA BUDGET TOTALS REVENUES Total Property Tax Increment 977,069 634,622 1,189,492 1,151,829 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 18,953,121 Interest 20,081 4,161 - - - - - - - - - - - - - - 24,242 Total Revenues 977,069 654,703 1,193,653 1,151,829 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 18,977,364 EXPENDITURES Increment Fund TOTALS Administration Fee 39,083 - 47,580 46,073 46,154 46,154 46,154 46,154 46,154 46,154 46,154 46,154 46,154 46,154 46,154 46,154 46,154 732,740 Housing (20%) 195,414 126,924 237,898 230,366 230,771 230,771 230,771 230,771 230,771 230,771 230,771 230,771 230,771 230,771 230,771 230,771 230,771 3,790,624 Interfund Loan to City Center CRA 675,161 675,161 Tax Increment Commitments 164,592 176,621 240,891 240,891 240,891 240,891 240,891 240,891 240,891 240,891 240,891 240,891 240,891 240,891 240,891 240,891 240,891 3,954,578 Contribution To/(From) Fund Balance 577,980 351,158 (7,877) 634,499 636,038 636,038 636,038 636,038 636,038 636,038 636,038 636,038 636,038 636,038 636,038 636,038 636,038 9,824,260 Total Expenditures 977,069 654,703 1,193,653 1,151,829 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 1,153,855 18,977,364 ---PAGE BREAK--- Page I 15 MAP OF WEST MILLCREEK PROJECT AREA ---PAGE BREAK--- Page I 16 SECTION 3: MILLCREEK CENTER CRA Table 3.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA 105 Mixed-Use Development ADO 0.013896 Creation Year Base Year Term Trigger Year Expiration Year 2019 2017 20 Years FY 2021 FY 2040 Base Value TY 2020 Value Increase FY 2021 Increment Remaining Life $130,666,124 $134,698,103 3.1% $46,568 19 Years The Millcreek Center Community Reinvestment Area was adopted to assist with the creation of a downtown within the City. The Millcreek City Commons is envisioned as a remarkable and unique walkable mixed-use lifestyle center that serves as an amenity and central gathering place for the City and its residents. The Project Area was created in 2019 and is governed by the Millcreek Center Community Reinvestment Area Project Area Plan, as well as Interlocal Agreements and Resolutions between the Agency and Salt Lake County, Granite School District, Millcreek City, South Salt Lake Valley Mosquito Abatement District, Mt. Olympus Improvement District, Central Utah Water Conservancy District, Unified Fire Service Area and the Salt Lake County Library. These documents define the duration and use of property tax generated within the Project Area as well as conditions and obligations by the Agency and each participating tax entity. Development within the Project Area will help eliminate or reduce blight by providing needed public improvements, encouraging rehabilitation and repair of deteriorated structures, facilitating land assembly and redevelopment which will result in employment opportunities and an expanded tax base; and by promoting redevelopment in accordance with applicable land use controls. SOURCES OF FUNDS Table 3.2: Sources of Funds FY 2021 SOURCES OF FUNDS Property Tax Increment $46,568 Rents & Leases 10,514 Interest 19,625 Loan Proceeds 675,161 Miscellaneous Income 3,358 Total Sources of Funds $755,226 ---PAGE BREAK--- Page I 17 Table 3.3: Tax Increment Levels PARTICIPATION RATES Taxing Entity Percentage Years Salt Lake County (Library) 100% 20 Years Granite School District 80% 20 Years Millcreek City 80% 20 Years South Salt Lake Valley Mosquito Abatement District 80% 20 Years Mt. Olympus Improvement District 80% 20 Years Central Utah Water Conservancy District 75% 20 Years Unified Fire Service Area 80% 20 Years USES OF FUNDS PROJECT AREA REPORTING AND ACCOUNTABILITY COMPARISON OF FORECASTED AND ACTUAL TAX INCREMENT Table 3.5: Realization of Tax Increment REALIZATION OF TAX INCREMENT ACTUAL FORECASTED % OF PROJECTION TAX INCREMENT GENERATED IN PROJECT AREA Property Tax Increment – FY 2021 $46,568 $381,025 12.22% The primary reason for the variance between forecasted and actual revenues is due to delays in various construction projects due to the COVID-19 pandemic. RELATIVE GROWTH IN ASSESSED VALUE Table 3.6: Growth in Assessed Value GROWTH IN ASSESSED VALUE CURRENT YEAR COMPARISON YEAR GROWTH RATE AAGR ASSESSED VALUES IN PROJECT AREA Annual Growth in Project Area (2020 vs. 2019) $134,698,103 NA NA NA Lifetime Growth in Project Area (2020 vs. Base) $134,698,103 $130,666,124 3.1% 1.0% ASSESSED VALUES IN MILLCREEK CITY Annual Growth in Millcreek (2020 vs. 2019) $5,833,656,428 $5,459,043,438 6.9% 6.9% Project Area Life Growth in Millcreek (2020 vs. 2017) $5,833,656,428 $4,639,095,176 34.2% 10.3% Table 3.4: Uses of Funds FY 2021 USES OF FUNDS Agency Administration $2,328 Housing 6,993 Salt Lake County Mitigation Payment 2,351 Professional Services 933,342 Debt Service Payment 721,729 Land Purchase 6,219,838 Miscellaneous 15,532 Contribution To/(From) Fund Balance (7,146,888) Total Uses of Funds $755,226 ---PAGE BREAK--- Page I 18 BENEFITS DERIVED BY PARTICIPATING TAXING ENTITIES Currently, the primary benefit experienced by the participating taxing entities is the increased property tax revenues generated from the Project Area as property values have increased. The most significant benefit to the taxing entities will be realized when the life of the Project Area expires in tax year 2040. At that point the Agency will no longer receive tax increment and the taxing entities will receive property tax income based on the full assessed value in the Project Area. GROWTH IN PROPERTY TAX INCREMENT Table 3.8: Growth in Tax Increment GROWTH IN TAX INCREMENT ORIGINAL BUDGET REVENUES ACTUAL REVENUE BASE YEAR VALUE REVENUES % OF BASE TAX INCREMENT FROM PROJECT AREA Fiscal Year 2021 $381,025 $46,568 $1,815,736 2.6% Lifetime Revenue (2021) $381,025 $46,568 $1,815,736 2.6% PASS THROUGH INCREMENT (ABOVE BASE) Fiscal Year 2021 $101,256 $11,811 $1,815,736 0.7% Lifetime Revenue (2021) $101,256 $11,811 $1,815,736 0.7% NOTABLE DEVELOPMENT AND FUTURE PROJECTS Notable development and businesses within the Project Area include: Millcreek Common West Millcreek City Hall Cottonwood on Richmond Cottonwood on Highland MC33 Millcreek Lofts Table 3.7: Benefits to Taxing Entities BENEFITS TO TAXING ENTITIES -Increased jobs -Increased tax base -Increase in quality of life and public amenities ---PAGE BREAK--- Page I 19 FORECASTED PROJECT AREA BUDGET UPDATE The multi-year budget attached to this document and summarized below displays revenue in the fiscal year received rather than the calendar year collected. Table 3.9: Project Area Budget PROJECT AREA BUDGET FY 2022-2040 REVENUES TOTALS Increment $28,281,705 Total Revenue $28,281,705 EXPENDITURES TOTALS RDA Administration $1,414,085 Housing 4,242,256 Salt Lake County Mitigation Payment 1,438,731 Redevelopment Activities 21,186,633 Total Expenditures $28,281,705 OTHER ISSUES The Agency has not identified any major issues within the Millcreek Center CRA. All relevant information for the Project Area has been outlined in this section of the 2021 Annual Report. PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS The following sheets represent the FY 2021, FY 2022, FY 2023, as well as a multi-year budget from 2021 through 2040. ---PAGE BREAK--- Page I 20 2021 Annual Budget Tax Year 2020 Payment Year 2021 REVENUE: TAXABLE VALUATION: Real Property 134,167,998 $ Centrally Assessed 530,105 $ Personal Property - Total Assessed Value 134,698,103 $ Less: Base Year Value (130,666,124) $ Incremental Assessed Value 4,031,979 $ Tax Rate: Combined Rate 0.013896 TAX INCREMENT REVENUES Tax Increment Calculated: 46,623 $ County Auditor Adjustments: (55) $ Total Tax Increment: 46,568 $ Salt Lake County 100% Central Utah Water Conservancy District 75% All Other Entities 80% TAX INCREMENT REVENUES Tax Increment 46,568 $ Interest 19,625 Rents & Leases 10,514 Loan Proceeds 675,161 Miscellaneous Income 3,358 Total Revenues To Agency 755,226 $ EXPENDITURES: Administration Fee 2,328 $ Housing (15%) 6,993 Salt Lake County Mitigation Payment 2,351 Professional Services 933,342 Debt Service Payment 721,729 Land Purchase 6,219,838 Miscellaneous 15,532 Contribution To/(From) Fund Balance (Redevelopment Activities) (7,146,888) TOTAL EXPENDITURES 755,226 $ Millcreek City - Millcreek Center CRA ---PAGE BREAK--- Page I 21 2022 Annual Budget Tax Year 2021 Payment Year 2022 REVENUE: TAXABLE VALUATION: Real Property 154,167,998 $ Centrally Assessed 530,105 $ Personal Property - Total Assessed Value 154,698,103 $ Less: Base Year Value (130,666,124) $ Incremental Assessed Value 24,031,979 $ Tax Rate: Combined Rate 0.013290 TAX INCREMENT REVENUES Tax Increment Calculated: 265,847 $ County Auditor Adjustments: - $ Total Tax Increment: 265,847 $ Salt Lake County 100% Central Utah Water Conservancy District 75% All Other Entities 80% TAX INCREMENT REVENUES Tax Increment 265,847 $ Interest - Rents & Leases - Loan Proceeds - Miscellaneous Income - Total Revenues To Agency 265,847 $ EXPENDITURES: Administration Fee 13,292 $ Housing (15%) 39,877 Salt Lake County Mitigation Payment 13,524 Contribution To/(From) Fund Balance (Redevelopment Activities) 199,153 TOTAL EXPENDITURES 265,847 $ Millcreek City - Millcreek Center CRA ---PAGE BREAK--- Page I 22 2023 Annual Budget Tax Year 2022 Payment Year 2023 REVENUE: TAXABLE VALUATION: Real Property 174,167,998 $ Centrally Assessed 530,105 $ Personal Property - Total Assessed Value 174,698,103 $ Less: Base Year Value (130,666,124) $ Incremental Assessed Value 44,031,979 $ Tax Rate: Combined Rate 0.013290 TAX INCREMENT REVENUES Tax Increment Calculated: 487,091 $ County Auditor Adjustments: - $ Total Tax Increment: 487,091 $ Salt Lake County 100% Central Utah Water Conservancy District 75% All Other Entities 80% TAX INCREMENT REVENUES Tax Increment 487,091 $ Interest - Rents & Leases - Loan Proceeds - Miscellaneous Income - Total Revenues To Agency 487,091 $ EXPENDITURES: Administration Fee 24,355 $ Housing (15%) 73,064 Salt Lake County Mitigation Payment 24,779 Contribution To/(From) Fund Balance (Redevelopment Activities) 364,893 TOTAL EXPENDITURES 487,091 $ Millcreek City - Millcreek Center CRA ---PAGE BREAK--- Page I 23 Millcreek Center CRA Redevelopment Agency Multi-Year Budget Multi-year Project Area Ongoing Budget Historic Projected Base Year Yr. 1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr. 11 Yr. 12 Yr. 13 Yr. 14 Yr. 15 Yr. 16 Yr. 17 Yr. 18 Yr. 19 Yr. 20 Fiscal Year 2017 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Tax Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 ASSESED VALUATION Real 134,167,998 154,167,998 174,167,998 194,167,998 214,167,998 234,167,998 254,167,998 274,167,998 294,167,998 294,167,998 294,167,998 294,167,998 294,167,998 294,167,998 294,167,998 294,167,998 294,167,998 294,167,998 294,167,998 294,167,998 Centrally Assessed 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 530,105 Personal Property - - - - - - - - - - - - - - - - - - - - Real Base Value (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) (130,666,124) Central Base Value - - - - - - - - - - - - - - - - - - - - Personal Base Value - - - - - - - - - - - - - - - - - - - - Incremental Value - 4,031,979 24,031,979 44,031,979 64,031,979 84,031,979 104,031,979 124,031,979 144,031,979 164,031,979 164,031,979 164,031,979 164,031,979 164,031,979 164,031,979 164,031,979 164,031,979 164,031,979 164,031,979 164,031,979 164,031,979 TAX INCREMENT ANALYSIS ACM Tax Rate Incremental Property Tax Rates Salt Lake County 0.001817 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 0.001777 Granite School District 0.007397 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 0.007105 Millcreek City 0.001791 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 0.001699 South Salt Lake Valley Mosquito Abatement District 0.000013 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 0.000012 Mt. Olympus Improvement District 0.000248 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 0.000229 Central Utah Water Conservancy District 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 0.000400 Unified Fire Service Area 0.001715 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 0.001594 Salt Lake County Library 0.000515 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 0.000474 Combined Rate 0.013896 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 0.013290 Tax Increment 56,028 319,385 585,185 850,985 1,116,785 1,382,585 1,648,385 1,914,185 2,179,985 2,179,985 2,179,985 2,179,985 2,179,985 2,179,985 2,179,985 2,179,985 2,179,985 2,179,985 2,179,985 2,179,985 Salt Lake County 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Central Utah Water Conservancy District 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% All Other Entities 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% ACM Tax Increment Total Increment 46,623 265,847 487,091 708,335 929,579 1,150,823 1,372,067 1,593,311 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 County Auditor Adjustment (55) Final Increment to Agency 46,568 265,847 487,091 708,335 929,579 1,150,823 1,372,067 1,593,311 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 PROJECT AREA BUDGET TOTALS REVENUES Total Property Tax Increment 46,568 265,847 487,091 708,335 929,579 1,150,823 1,372,067 1,593,311 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 28,328,272 Rents & Leases 10,514 10,514 Interest 19,625 19,625 Loan Proceeds 675,161 675,161 Miscellaneous Income 3,358 3,358 Total Revenues 755,226 265,847 487,091 708,335 929,579 1,150,823 1,372,067 1,593,311 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 29,036,930 EXPENDITURES Increment Fund TOTALS Administration Fee 2,328 13,292 24,355 35,417 46,479 57,541 68,603 79,666 90,728 90,728 90,728 90,728 90,728 90,728 90,728 90,728 90,728 90,728 90,728 90,728 1,416,414 Housing (15%) 6,993 39,877 73,064 106,250 139,437 172,623 205,810 238,997 272,183 272,183 272,183 272,183 272,183 272,183 272,183 272,183 272,183 272,183 272,183 272,183 4,249,249 Salt Lake County Mitigation Payment 2,351 13,524 24,779 36,034 47,289 58,544 69,799 81,054 92,309 92,309 92,309 92,309 92,309 92,309 92,309 92,309 92,309 92,309 92,309 92,309 1,441,082 Professional Services 933,342 - - - - - - - - - - - - - - - - - - - 933,342 Debt Service Payment 721,729 - - - - - - - - - - - - - - - - - - - 721,729 Land Purchase 6,219,838 - - - - - - - - - - - - - - - - - - - 6,219,838 Miscellaneous 15,532 - - - - - - - - - - - - - - - - - - - 15,532 Contribution To/(From) Fund Balance (Redevelopment Activities) (7,146,888) 199,153 364,893 530,634 696,374 862,114 1,027,854 1,193,594 1,359,335 1,359,335 1,359,335 1,359,335 1,359,335 1,359,335 1,359,335 1,359,335 1,359,335 1,359,335 1,359,335 1,359,335 14,039,745 Total Expenditures 755,226 265,847 487,091 708,335 929,579 1,150,823 1,372,067 1,593,311 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 1,814,555 29,036,930 ---PAGE BREAK--- Page I 24 MAP OF MILLCREEK CENTER PROJECT AREA ---PAGE BREAK--- Page I 25 SECTION 4: OLYMPUS HILLS CRA Table 4.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA 42 Mixed-Use Development TBD NA Creation Year Base Year Term Trigger Year Expiration Year 2018 TBD TBD TBD TBD Base Value TY 2020 Value Increase FY 2021 Increment Remaining Life TBD NA NA NA TBD The Olympus Community Reinvestment Area was created to attract a corporate headquarters or hotel into the unique Project Area location. The Project Area was created in 2018 and is governed by the Olympus Hills Community Reinvestment Area Project Area Plan. The Agency is in the process of negotiating the terms and conditions of the Project Area, which will be negotiated and outlined in the yet to be adopted interlocal agreements with the various taxing entities within the Project Area. It is anticipated that the interlocal agreements will be adopted in FY2022. ---PAGE BREAK--- Page I 26 SECTION 5: CANYON RIM COMMONS CRA Table 5.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA 75 Mixed-Use Development TBD NA Creation Year Base Year Term Trigger Year Expiration Year 2018 TBD TBD TBD TBD Base Value TY 2020 Value Increase FY 2021 Increment Remaining Life TBD NA NA NA TBD The Canyon Rim Commons Reinvestment Area was created to assist with the redevelopment of a critical corridor within Millcreek. One of the goals of the Project Area will be to assist with land assemblage to support commercial development and multi-family housing along the corridor. The Project Area was created in 2018 and is governed by the Canyon Rim Commons Community Reinvestment Area Project Area Plan. The Agency is in the process of negotiating the terms and conditions of the Project Area, which will be negotiated and outlined in the yet to be adopted interlocal agreements with the various taxing entities within the Project Area. It is anticipated that the interlocal agreements will be adopted in FY2022. ---PAGE BREAK--- Page I 27 SECTION 6: WOODLAND AVENUE CRA Table 6.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA 5.35 Mixed-Use Development TBD NA Creation Year Base Year Term Trigger Year Expiration Year 2021 2020 20 Years No Later Than TY 2024 TBD Base Value TY 2020 Value Increase FY 2021 Increment Remaining Life $8,244,900 NA NA NA 20 Years The Woodland Avenue Reinvestment Area was created to assist with the creation of a downtown within the City. The Millcreek City Commons is envisioned as a remarkable and unique walkable mixed-use lifestyle center that serves as an amenity and central gathering place for the City and its residents. Annexed into Millcreek in 2020, this 5.35-acre Project Area will be part of the new downtown, as it is surrounded by the Millcreek Center CRA. The Project Area was created in 2021 and is governed by the Woodland Avenue Community Reinvestment Area Project Area Plan. The Agency is in the process of negotiating the terms and conditions of the Project Area, which will be negotiated and outlined in the yet to be adopted interlocal agreements with the various taxing entities within the Project Area. The Agency has initiated negotiations with the taxing entities and anticipates all the interlocal agreements will be adopted in FY2022. ---PAGE BREAK--- Page I 28 SECTION 7: MEDTECH CRA Table 7.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA 91 Commercial Development TBD NA Creation Year Base Year Term Trigger Year Expiration Year 2021 2019 20 Years No Later Than TY 2025 TBD Base Value TY 2020 Value Increase FY 2021 Increment Remaining Life $150,218,100 NA NA NA 20 Years The Medtech Reinvestment Area was created to enable the development of a new medical tower with an enhanced façade at St Mark’s Hospital and influence redevelopment of commercial and office space around the hospital. Without the assistance of the Project Area, specific financial hurdles would not be overcome, and the project would not be developed for the foreseeable future. The Project Area was created in 2021 and is governed by the Medtech Community Reinvestment Area Project Area Plan. The Agency adopted the interlocal agreements for the Project Area in April of 2021.