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8/5/2019 How does the bonding for our new city park work? 1/13 BONDS FOR PARK; GARDENSHARE; GOATHEAD BOUNTY OFFER; VENTURE OUT; THE ART OF MT OLYMPUS; UPD CAUTION; NIGHT OUT AGAINST CRIME; SUMMYVALE FARMERS MARKET; BOGOS; RECYCLING TIP; JOBS View this email in your browser NEWS ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 2/13 Announcements UPCOMING MEETINGS Millcreek Community Council Tues., 8/6/19 6:30 PM Millcreek City Hall 3330 S. 1300 E. Canyon Rim Citizens Association Wed., 8/7/19 7 PM Christ United Methodist Church 2375 E. 3300 S. Mt Olympus Community Council Meeting has been rescheduled to Tuesday, August 13th, at 6 PM at Millcreek City Hall NOTE CHANGE OF DATE AND LOCATION FOR THIS MEETING ONLY Click here for our Calendar of Events HOW DOES BONDING FOR CITY CENTER PARK WORK? A message from Mayor Silvestrini On July 30, Millcreek issued its first bonds for our new city center park. We’ve been negotiating with owners over the last several months to purchase the necessary property. The funds will be used to buy the land and to construct improvements for the park. In the meantime, we’ll begin planning the park space with your input. How about a splash pad? Space for a farmers’ market or a holiday market? Movie nights? These are just some of the ideas we’ve heard from Millcreek residents. Look in the near future for opportunities to participate. Construction of the park and adjacent parking should be completed within the next two years. We anticipate this project, both before and after its completion, will catalyze a vibrant rejuvenation of this area by property owners who want to take advantage of their proximity to the park. Several owners are already set to break ground later this year on fully-entitled new projects. The park and revitalization of this area will also strengthen the great local businesses we already have along Highland Drive and 3300 South, like Tres Hombres, Paletti, Fine Art Inn, Adib's Rug Gallery, and Hyland Cyclery. ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 3/13 Before issuing the bonds, the City Council and I considered whether this course of action exposed the city to unreasonable risk. We had input from financial advisers and other experts before deciding to proceed. We are confident that this borrowing is part of the sound fiscal management of our city. Initially, we sought a bond rating to see how outside financial experts viewed our risk and our ability to repay such financing. These outside experts concluded that our prudent fiscal management and our strong tax base warranted a AA+ rating, which is incredibly high for a new city. As a result, we were able to procure the low interest rate of 2.75% on the bonds. The bonds will not be repaid from the city’s general fund. Instead, the source of repayment is the additional property tax revenue that will be generated by the revitalization of this area. What does that mean? We currently collect a total of $X from taxes on all of the properties in the area. Unfortunately, too much of the property in the area is vacant buildings and parking lots, none of which generates a lot of property tax, now or in the future. Converting vacant or underused properties into developed projects will considerably raise the value of those properties. In turn, the amount of tax collected from those properties will increase, adding to the $X that we already collect from the area. The resultant increase in property taxes over $X is called "tax increment". The City will collect 80% of all of the tax increment during the term of the bonds. The tax increment will be the source of repayment of the bonds. Our financial experts' estimate of the tax increment that will be generated by redeveloping properties around the park is far more than the amount necessary to pay the bonds. Thus, this borrowing will not require an increase in anyone’s taxes except to the properties which are redeveloped in the city center area. Moreover, once the bonds are repaid, the additional tax generated by the redeveloped area will increase the city’s ability to provide for better roads, more sidewalks, and other things you have told us you want. Several property owners in the area have already received approval of a ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 4/13 combined $100 million-plus in new projects. We are confident others will follow. Even in a very worst-case scenario, where no one decided to invest in this area, the city could repay the bonds with a minimal impact on our overall budget. The City's Community Reinvestment Agency already has sufficient funds to make payments until the City begins to receive the tax increment. Cities often borrow to bring projects their residents want. One might even argue that we would not be good fiscal stewards if we failed to use Millcreek’s great credit responsibly to improve an area of our city, too much of which has become obsolete. There is also risk to the city if we do not proceed to revitalize this area. Our city center park is the secret sauce to bring rejuvenation to this area and to provide a gathering place that Millcreek residents will enjoy for decades. Mayor Jeff Silvestrini Here's a Great Way to Use Your Excess Garden Produce MILLCREEK. All throughout Millcreek, the sun is shining, bees are buzzing, and gardens are growing (and growing and growing and growing!). Every summer, Millcreek's many gardeners create a copious flood of fruits and vegetables, much of which goes to waste in its plenitude. ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 5/13 No longer! Backyard GardenShare connects backyard garden surplus with local families, immigrants, and refugees. There are dozens of collection sites in our area, many of which are just your neighbor's front porch. Click here to find a drop site near you. This simple produce-sharing program helps to directly combat hunger and malnutrition in our neighborhoods. One in seven Utahns face hunger on a daily basis, but this program is a wonderful and simple way to do your part to help relieve the problem. Since the founding of Backyard GardenShare, more than 50,000 pounds of fresh produce have been collected and distributed. Click here to get involved MILLCREEK. The Jordan River Commission is offering $2 per pound "bounty" to organized groups (scouts, high school teams, small businesses, nonprofits, etc.) to come help them remove those awful, noxious "goathead" weeds. We've all had one experience or another with goatheads puncturing a bike tire (that's probably why they call them "puncturevine"?), or getting stuck in a pet's paw or our own flip-flops. Hate that.... Hate that puncturevine. Let's get out there and get rid of it! For more information about the program, click here. The link to register in the .pdf that comes up doesn't work, but you can click here to register. ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 6/13 Sign up now, because the program has limited funds and will end when tthe money's gone, or August 31st, whichever comes first. TONIGHT ALSO TONIGHT (IF YOU MISSED THE POP-UP DINNER SIGN-UP DEADLINE) ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 7/13 UPD CAUTION ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 8/13 Don't give this open invitation for thieves. The UPD cautions us to close and lock garages and front doors when we are not in our front yards. The crooks are getting bolder, one even recently entering a house in Millcreek while the homeowner was in a back room. We can all help the UPD by helping ourselves. TUESDAY ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 9/13 EVERY SATURDAY ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 10/13 Business Council BOGOs Print these coupons out or show them on your phone to the merchant to get your Buy One Get One Free. ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 11/13 Click here to see more great BOGO deals. Click here to see how you can promote your own business with a Millcreek BOGO. Millcreek Information Center Technician UFA Part-Time Paramedic UPD Office Specialist - Millcreek Precinct (PDF) ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 12/13 Wed., Aug. 14 - Millcreek Promise Fiesta Tues., Sept. 10 - Meet the Candidates Sat., Sept 21 - The People's Energy Summit SAVE THESE DATES: Meetings with the Mayor Fridays from 2-4pm have been set aside for citizens to meet with Mayor Silvestrini. Please call [PHONE REDACTED] to schedule a time. Mayor Silvestrini's choice of footwear for the 2019 Lions' Club 4th of July parade. Stop by and see if he's made any other weird sartorial choices this summer. VISIT us at Click here to subscribe to this weekly newsletter Copyright © 2019 Millcreek, All rights reserved. Want to change how you receive these emails? You can update your preferences or unsubscribe from this list ---PAGE BREAK--- 8/5/2019 How does the bonding for our new city park work? 13/13