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Millcreek FY 2021-22 Final C.R.A. Budget 1 www.millcreek.us ---PAGE BREAK--- Millcreek FY 2021-22 Final 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 2021-22 Final C.R.A. Budget 3 www.millcreek.us FY 2021-22 C.R.A. Budget Prepared By: Mike Winder, Assistant City Manager 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: MedTech CRA and Woodland Avenue CRA. Community Reinvestment Agency ---PAGE BREAK--- Millcreek FY 2021-22 Final C.R.A. Budget 4 www.millcreek.us Budget Timeline MARCH 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 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 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 March 22, 2021 Community Reinvestment Agency Meeting Work Session (CRA): FY 2021-22 CRA Budget Discussion Community Reinvestment Agency Meeting (CRA): Review, Public Hearing & Adoption of FY 2020-21 CRA Fund Budget Amendment April 12, 2021 Community Reinvestment Agency Meeting (CRA): Present FY 2021-22 CRA Tentative Budget Tentatively Adopt FY 2021-22 CRA Fund Tentative Budget April 26, 2021 Community Reinvestment Agency Meeting (CRA): Public Hearing on FY 2021-22 CRA Tentative Budget June 14, 2021 Community Reinvestment Agency Meeting (CRA): Adopt FY 2021-22 CRA Fund Final Budget ---PAGE BREAK--- Millcreek FY 2021-22 Final C.R.A. Budget 5 www.millcreek.us Millcreek City 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 2021-22 Final 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 2021-22 Final C.R.A. Budget 7 www.millcreek.us C.R.A. Fund Revenue Budget ---PAGE BREAK--- Millcreek FY 2021-22 Final C.R.A. Budget 8 www.millcreek.us C.R.A. Fund Revenue FY 2019-20 Actual Revenues FY 2020-21 Estimated Revenues FY 2021-22 Tentative Revenues FY 2021-22 Adopted Revenues % Change From Previous Year Amt. of Change Tentative to Adopted Revenues COMMUNITY REINVESTMENT FUND (CRA) REVENUES 201 Millcreek Center CRA 3110 Property Tax - - 50,000 50,000 0.00% - 3430 Rents & Leases 98,502 5,018 - - -100.00% - 3610 Interest (Bond) 187,714 21,000 - - -100.00% - 3620 Misc. - 3,010 - - -100.00% - 3680 Loan Proceeds 603,505 721,800 681,800 671,800 -5.54% (10,000) 3690 Bond Proceeds 20,174,316 - - - 0.00% - 3820 Use of Fund Balance - 7,146,888 - - -100.00% - Total Millcreek Center CRA 21,064,037 $ 7,897,716 $ 731,800 $ 721,800 $ -90.73% (10,000) $ 202 West Millcreek CRA 3110 Property Tax 98,261 950,000 950,000 1,100,000 0.00% 150,000 3610 Interest 20,081 1,500 1,500 250 0.00% (1,250) 3620 Misc. - - - - 0.00% - 3820 Use of Fund Balance 28,392 239,191 199,300 80,550 -16.68% (118,750) Total West Millcreek CRA 146,734 $ 1,190,691 $ 1,150,800 $ 1,180,800 $ -3.35% 30,000 $ Total CRA Revenue 21,210,771 $ 9,088,407 $ 1,882,600 $ 1,902,600 $ -79.29% 20,000 $ MILLCREEK FY 2021-22 COMMUNITY REINVESTMENT AGENCY (CRA) FUND REVENUE BUDGET ---PAGE BREAK--- Millcreek FY 2021-22 Final C.R.A. Budget 9 www.millcreek.us C.R.A. Fund Expense Budget ---PAGE BREAK--- Millcreek FY 2021-22 Final C.R.A. Budget 10 www.millcreek.us C.R.A. Fund Expenses FY 2019-20 Actual Expenses FY 2020-21 Estimated Expenses FY 2021-22 Tentative Expenses FY 2021-22 Adopted Expenses % Change From Previous Year Amt. of Change Tentative to Adopted Expenses COMMUNITY REINVESTMENT FUND (CRA) EXPENSES 201-5310 Millcreek City Center CRA 3100 Professional Services - 938,078 - - 0.00% - 5200 Debt Interest 603,505 721,800 721,800 721,800 0.00% - 5300 Debt Expense 129,893 - - - 0.00% - 5500 Debt Principal - - - 0.00% - 5700 Tax Increment Commitments - - - - 0.00% - 6100 Miscellaneous 130,754 18,000 - - -100.00% - 6400 Administration - - 2,500 - 0.00% (2,500) 7100 Reserve 6,339,423 - - - 0.00% - 7110 Land 12,801,154 6,219,838 - - -100.00% - 7300 Improvements (City Center) - - - - 0.00% - 8310 Housing (15%) - - 7,500 - 0.00% (7,500) Total Millcreek Center CRA 20,004,729 $ 7,897,716 $ 731,800 $ 721,800 $ -90.73% (10,000) $ 202-5310 West Millcreek CRA 3100 Professional Services - - - - 0.00% - 5200 Debt Interest - - - - 0.00% - 5300 Debt Expense - - - - 0.00% - 5500 Debt Principal - - - - 0.00% - 5600 Loan to Millcreek Center CRA 603,505 721,800 681,800 671,800 -5.54% (10,000) 5700 Tax Increment Commitments 176,621 240,891 241,000 245,000 0.05% 4,000 6100 Miscellaneous - - - - 0.00% - 6400 Administration - 38,000 38,000 44,000 0.00% 6,000 7100 Reserve 26,045 - - - 0.00% - 7110 Land - - - - 0.00% - 8310 Housing (20%) 196,523 190,000 190,000 220,000 0.00% 30,000 Total West Millcreek CRA 1,002,694 $ 1,190,691 $ 1,150,800 $ 1,180,800 $ -3.35% 30,000 $ Total CRA Expenses 21,007,423 $ 9,088,407 $ 1,882,600 $ 1,902,600 $ -79.29% 20,000 $ MILLCREEK FY 2021-22 COMMUNITY REINVESTMENT AGENCY (CRA) FUND EXPENSE BUDGET