Full Text
ANNUAL CRA REPORT 2024 LRB Public Finance Advisors ANNUAL CRA REPORT 2024 PREPARED BY: LRB PUBLIC FINANCE ADVISORS FORMERLY LEWIS YOUNG ROBERTSON & BURNINGHAM INC. MILLCREEK COMMUNITY REINVESTMENT AGENCY JUNE 30, 2024 lrbfinance.com ---PAGE BREAK--- Page 2 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY TABLE OF CONTENTS TABLE OF CONTENTS S EC TI ON 1: EX EC UTI V E S UM M AR Y 3 INTRODUCTION 4 OVERVIEW OF COMMUNITY REINVESTMENT AGENCY 4 AUTHORITIES AND POWERS OF THE AGENCY/UTAH CODE 5 GOVERNING BOARD OF TRUSTEES AND STAFF MEMBERS SUMMARY OF REQUESTED FUNDS GENERAL OVERVIEW OF PROJECT AREAS S EC TI O N 2: W ES T MI LLC R EEK UR A 9 PROJECT AREA PROGRESS 11 ACREAGE AND RESIDENTIAL HOUSING 12 SOURCES AND USES 12 PROJECT AREA REPORTING AND ACCOUNTABILITY 13 BENEFITS TO TAXING ENTITIES 13 NOTABLE DEVELOMPENT AND FUTURE PROJECTS 14 FORECASTED PROJECT AREA BUDGET UPDATE 14 OTHER ISSUES 14 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS 14 MAP OF WEST MILLCREEK PROJECT AREA 19 S EC TI ON 3: MI LLC R EEK C EN TER CR A 20 PROJECT AREA PROGRESS 22 ACREAGE AND RESIDENTIAL HOUSING 22 TAX INCREMENT PARTICIPATION LEVELS 22 SOURCES AND USES 23 PROJECT AREA REPORTING AND ACCOUNTABILITY 23 BENEFITS DERIVED BY PARTICIPATING TAXING ENTITIES 23 NOTABLE DEVELOPMENT AND FUTURE PROJECTS FORECASTED PROJECT AREA BUDGET UPDATE OTHER ISSUES 25 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS 25 MILLCREEK CENTER CRA S EC TI ON 4: W OODLA N D AV EN UE C R A 31 PROJECT AREA PROGRESS 32 ACREAGE AND RESIDENTIAL HOUSING 32 TAX INCREMENT PARTICIPATION LEVELS 32 SOURCES AND USES 33 PROJECT AREA REPORTING AND ACCOUNTABILITY 33 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS 33 EXHIBIT A: WOODLAND AVENUE CRA MAP 38 S EC TI ON 5: OLY M P US HI LLS C R A 39 S EC TI ON 6: C A N Y ON RIM C OMM ON S C R A 4 2 S EC TI ON 7: M EDTEC H C R A 46 ---PAGE BREAK--- Page 3 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY SECTION 1 EXECUTIVE SUMMARY ---PAGE BREAK--- Page 4 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY EXECUTIVE SUMMARY INTRODUCTION LRB Public Finance Advisors, Inc (“LRB”) has been retained by the Millcreek City Community Reinvestment Agency (the “Agency”) to assist with the management and reporting requirements of the Agency’s active project areas, and a brief overview of the Agency’s yet to be triggered project areas: West Millcreek Urban Renewal Area (URA) Canyon Rim CRA Millcreek Center CRA Woodland Avenue CRA Olympus Hills CRA MedTech CRA 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 Agency, 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 Agency report will be disseminated only to the Governor’s Office of Economic Opportunity’s (“GOEO”) 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 GOEO Utah database. LRB will continue to provide the annual Agency report in strict compliance with the requirements laid out in 17C-1-603. Provided in this report is an overview of the West Millcreek Project Area, Millcreek Center Project Area, and Woodland Avenue 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, and the MedTech Project Area. OVERVIEW OF COMMUNITY 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 the direction of a Redevelopment Agency, Community Development and Renewal Agency or a Community Reinvestment 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 ---PAGE BREAK--- Page 5 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY 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, acquire by gift, or otherwise acquire an interest in real or personal property; Hold, sell, convey, grant, dispose of by gift, or otherwise dispose of any interest in real or personal property; Own, hold, maintain, utilize, manage, or operate real or personal property, which may include the use of agency funds or the collection of revenue; Enter into a lease agreement on real or personal property, either as lessee or lessor; Provide for project area development as provided in this title; Receive and use agency funds 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; 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 project area 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; (ii) Refunding bonds to pay or retire bonds previously issued by the agency; and (iii) Refunding bonds to pay or retire bonds previously issued by the community that created the agency for expenses associated with project area development; Pay an impact fee, exaction, or other fee imposed by a community in connection with land development; Subject to Part 10, Agency Taxing Authority, levy a property tax; or Transact other business and exercise all other powers provided for in this title. The establishment of controls or restrictions and covenants under Subsection is a public purpose. An agency may acquire real property under Subsection that is outside a project area only if the board determines that the property will benefit a project area. An agency is not subject to Section 10-8-2 or 17-50-312. An agency may, subject to Subsection enter into an agreement with a person to govern the development the person will undertake within a project area. An agreement under Subsection shall include a description of the project area development that the person will undertake; ---PAGE BREAK--- Page 6 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY The amount of project area funds the agency agrees to pay to the person to facilitate the development; and (ii) The terms and conditions under which the agency agrees to pay project area funds to the person. An agreement under Subsection is subject to board approval by resolution of board. (ii) A resolution under Subsection shall include a finding by the board describing how the project area development described in the agreement will contribute to achieving the goals, policies, and purposes of the project area plan. UTAH CODE 17C-1-603 The requirements for the study are listed specifically in the Utah Code 17C-1-603 as follows and must be addressed separately for each of the “Active Project Areas” whose project area funds’ collection period has not expired. a) An assessment of the change in marginal value, including: The base year; (ii) The base taxable value; (iii) The prior year’s assessed value; (iv) The estimated current assessed value; The percentage change in marginal value; and (vi) A narrative description of the relative growth in assessed value; b) The amount of project area funds the agency received for each year of the project area funds collection period, including: A comparison of the actual project area funds received for each year to the amount of project area funds forecasted for each year when the project area was created, if available; (ii) The agency’s historical receipts of project area funds, including the tax year for which the agency first received project area funds from the project area; or If the agency has not yet received project area funds from the project area, the year in which the agency expects each project area funds collection period to begin; (iii) A list of each taxing entity that levies or imposes a tax within the project area and a description of the benefits that each taxing entity receives from the project area; and (iv) The amount paid to other taxing entities under Section 17C-1-410, if applicable c) A description of current and anticipated project area development, including: A narrative of any significant project area development, including infrastructure development, site development, participation agreements, or vertical construction; and (ii) Other details of development within the project area, including: The total developed acreage; The total undeveloped acreage; The percentage of residential development; and The total number of housing units authorized, if applicable; d) The project area budget, if applicable, or other project area funds analyses, including: Each project area funds collection period, including: The start and end date of the project area funds collection period; and The number of years remaining in each project area funds collection period; (ii) The amount of project area funds the agency is authorized to receive from the project area cumulatively and from each taxing entity, including: The total dollar amount; and The percentage of the total amount of project area funds generated within the project area; (iii) The remaining amount of project area funds the agency is authorized to receive from the project area cumulatively and from each taxing entity; and ---PAGE BREAK--- Page 7 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY (iv) The amount of project area funds the agency is authorized to use to pay for the agency’s administrative costs, as described in Subsection 17C-1-409(1), including: The total dollar amount; and The percentage of the total amount of all project area funds; e) The estimated amount of project area funds that the agency is authorized to receive from the project area for the current calendar year; f) The estimated amount of project area funds to be paid to the agency for the next calendar year; g) A map of the project area; and h) Any other relevant information the agency elects to provide. GOVERNING BOARD OF TRUSTEES AND STAFF MEMBERS TABLE 1.1 AGENCY GOVERNING BOARD GOVERNING BOARD OF TRUSTEES Jeff Silvestrini Chairman Mayor, Millcreek City Silvia Catten Board Member City Councilmember Thom DeSirant Board Member City Councilmember Cheri Jackson Board Member City Councilmember Bev Uipi Board Member City Councilmember TABLE 1.2 AGENCY STAFF STAFF MEMBERS Mike Winder Executive Director City Manager/Economic Development Director Lisa Dudley CRA Staff Finance Director Elise Summers CRA Staff Assistant to Economic Development Director SUMMARY OF REQUESTED FUNDS The Agency requests all funds it is legally entitled to receive and estimates those funds according to Tables 1.3 and 1.4 below. Per UC 17C-1-603(6), these projected figures are provided for informational purposes only, and do 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 by Salt Lake County as a limitation upon the amount the Agency is entitled to receive under applicable statute(s), Project Area budget(s), and/or interlocal cooperation agreements. Table 1.3 below provides an estimate of property tax increment anticipated to be received by the Agency in Tax Years’ 2024 and 2025 relative to each of the Active Project Areas. TABLE 1.3 FORECAST (ESTIMATE) OF TAX INCREMENT (TAX YEARS 2024 AND 2025) FORECAST OF TAX INCREMENT TO BE PAID TO AGENCY FOR TAX YEAR 2024 AND 2025 TAX YEAR 2025 (BEGINNING Jan. 1, 2025) TAX YEAR 2024 (ENDING DEC. 31, 2024) Property Tax Increment $2,833,696 West Millcreek URA Millcreek Center CRA Woodland Avenue CRA Olympus Hills CRA Canyon Rim CRA MedTech CRA - - - Total Revenue $1,863,414 931,260 39,022 - - - $3,050,802 $1,863,414 1,117,221 70,167 ---PAGE BREAK--- Page 8 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY GENERAL OVERVIEW OF PROJECT AREAS TABLE 1.4 AGENCY COMBINED PROJECT AREA TOTALS AND ESTIMATED REMAINING TAX INCREMENT TO BE RECEIVED COMBINED BUDGET - ALL PROJECT AREAS REMAINING LIFE (INCLUDES 2024 TOTALS) FY 2024 ACTUAL TOTALS REVENUES Property Tax Increment West Millcreek URA Millcreek Center CRA Woodland Avenue CRA Olympus Hills CRA Canyon Rim CRA 26,087,746 29,037,838 3,241,172 - 1,863,358 745,569 8,143 - - - - - 58,366,756 REMAINING LIFE (INCLUDES 2024 TOTALS) FY 2024 ACTUAL TOTALS EXPENDITURES MedTech CRA Total Revenue 2,617,070 West Millcreek URA Administration Fee Housing (20%) Interfund Loan to City Center CRA Tax Increment Commitments Contribution To/(From) Fund Balance 1,043,510 5,217,549 - 2,976,694 74,534 372,672 - 212,621 1,203,531 16,849,993 Millcreek Center CRA Administration Fee Housing (15%) Salt Lake County Mitigation Payment Professional Services Debt Service Payment Land Purchase Miscellaneous Contribution To/(From) Fund Balance 37,278 111,795 35,569 - - - - 560,927 1,451,892 4,355,635 1,385,820 - - - - 21,844,491 Woodland Avenue CRA Administration Fee Housing (15%) Salt Lake County Mitigation Payment Contribution To/(From) Fund Balance Total Expenses 407 1,221 366 6,148 2,617,070 162,059 486,176 145,070 2,447,868 58,366,756 ---PAGE BREAK--- Page 9 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY TABLE 1.5 ACREAGE DEVELOPED, UNDEVELOPED, AND RESIDENTIAL WEST MILLCREEK URA Totals 447.85 91.00 29.78 22.05 6.83 0.91 - - - - - - - - 91.00 220.50 105.00 5.35 42.00 75.00 - West Millcreek URA Millcreek Center CRA Woodland Avenue CRA Olympus Hills CRA Canyon Rim CRA MedTech CRA ACREAGE RESIDENTIAL UNDEVELOPED DEVELOPED PROJECT AREA ---PAGE BREAK--- Page 10 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY SECTION 2 WEST MILLCREEK URA ---PAGE BREAK--- Page 11 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY WEST MILLCREEK URA TABLE 2.1 OVERVIEW OF WEST MILLCREEK URA Salt Lake County Redevelopment Agency created the West Millcreek 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. It was originally intended that tax increment be collected for a period of 20 years under the project area budget. However, in 2020 the expiration year of the project area was extended by two years from TY 2034 to TY 2036 as allowed by Utah Code 17C-1-416 “COVID-19 Emergency Extension Bill” and documented by Resolution 20-06. The West Millcreek Project Area includes 220.5 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. PROJECT AREA PROGRESS The 175 West Development (mixed use, includes commercial/rezone and development agreement complete) contains 423 residential units and 7,000 commercial square feet. BASE VALUE TY 2023 VALUE VALUE INCREASE FY 2024 INCREMENT REMAINING LIFE $112,484,802 $202,926,384 80.40% $1,863,358 13 Years CREATION YEAR BASE YEAR TERM TRIGGER YEAR EXPIRATION YEAR FY 2009 FY 2009 22 Years TY 2015 TY 2036 URA 220.5 Blight Remediation ACM, ACO, ACQ 0.011449 0.011515 0.011137 OVERVIEW TYPE ACREAGE PURPOSE TAXING DISTRICT TAX RATE ---PAGE BREAK--- Page 12 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY The Howick Project Area (affordable housing development) is currently under construction and will contain 150 residential unit. The Morissey Project Area (affordable senior housing development) has been issued a permit, and will contain 64 residential units The Opus Green Project Area (Mixed use, includes commercial) is currently under construction, and contains 150 residential units and 10,000 square feet. ACREAGE AND RESIDENTIAL HOUSING TABLE 2.2 DEVELOPED, UNDEVELOPED AND RESIDENTIAL ACREAGE WITHIN WEST MILLCREEK URA All 220.5 acres are developed. The Agency received property tax increment beginning with the taxes collected in 2015 and remitted to the Agency in 2016 and will continue for 22 years through and including taxes collected in 2036 and paid to the Agency in 2037. The Agency has received tax increment revenue every year beginning in 2016. The tax increment participation level is currently set according to the following schedule: TABLE 2.3 TAXING ENTITY PARTICIPATION LEVELS SOURCES AND USES TABLE 2.4 SOURCES OF FUNDS 2024 SOURCES OF FUNDS Calculated Increment $1,863,358 Total Sources of Funds $1,863,358 Tax Increment began with the taxes collected in 2015 and remitted to the Agency in 2016 and will continue for 22 years through and including taxes collected in 2036 and paid to the Agency in 2037 TABLE 2.5 USES OF FUNDS 2024 USES OF FUNDS Administration Fee $74,534 Housing (20%) 372,672 Tax Increment Commitments 212,621 West Millcreek URA Developed Undeveloped Residential 220.5 0 22.1 ACREAGE 80% 80% 80% 80% 80% 80% 80% Mt Olympus Improvement District Cottonwood Improvement District Central Utah Water Conservancy District Jordan Valley Water Conservancy Unified Fire Service Area Salt Lake County Library TAX INCREMENT LEVELS ENTITY Salt Lake County Granite School District Milcreek City South Salt Lake Valley Mosquito Abatement District % 80% 80% 80% ---PAGE BREAK--- Page 13 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY Total Tax Increment Expenditures $659,827 Interfund Loan to City Center CRA Contribution To/(From) Fund Balance 1,203,531 Total Uses $1,863,358 PROJECT AREA REPORTING AND ACCOUNTABILITY TABLE 2.6 ACCOUNTING OF FUNDS RECEIVED AND SPENT FUNDS RECEIVED AND SPENT FORECASTED ACTUAL % OF PROJECTION Funds Received & Spent – TY 2023 $1,601,812 $1,863,358 16.33% TABLE 2.7 RELATIVE GROWTH IN ASSESSED VALUE BENEFITS TO TAXING ENTITIES Job Creation Increased property and sales tax revenue As shown in Table 2.9 below, current annual tax increment revenues in the Project Area are 144% above what would have been realized if assessed values had remained at base year levels. Since FY 2015, as assessed values have increased throughout the life of the URA, the total tax increment revenues in the Project Area are 85% above what would have been realized based on base year levels. The various taxing entities are currently benefiting from these increased assessed values and associated tax increment revenues in the Project Area as a portion of tax increment is being returned to these taxing entities per the schedule in Table 2.3 above. 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. TABLE 2.8 GROWTH IN TAX INCREMENT 16.5% 16.5% 202,926,384 112,484,802 80.4% 4.3% CURRENT YEAR ASSESSED VALUE BY PROJECT AREA Annual Growth in the Project Area (2023 vs. 2022) Lifetime Growth in Project Area Since Base Year (2023 vs. 2009) $202,926,384 $174,179,313 GROWTH IN ASSESSED VALUES GROWTH RATE AAGR PRIOR YEAR/BASE YEAR PASS THROUGH INCREMENT (ABOVE BASE) Tax Year 2023 (Total Tax Increment Generated) Lifetime Revenue (2015-2023) 465,839 1,825,045 258,101 1,446,786 180% 126% TAX INCREMENT FROM PROJECT AREA Tax Year 2023 (Total Tax Increment Generated) Lifetime Revenue (2015-2023) 1,863,358 8,557,088 1,290,503 7,233,930 144% 118% ACTUAL REVENUE BASE YEAR VALUE REVENUES % OF BASE YEAR VALUE REVENUES ---PAGE BREAK--- Page 14 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY NOTABLE DEVELOMPENT 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 including 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 In addition, the Agency has three projects in the early stages of development. Two of these, the Morrissey and the Howick projects, are affordable housing developments that are currently in the building permit review process. These two multi-family residential developments will consist of 54 and 150 units, respectively. The third project, the 175 West Development, is a mixed- use development that will include 423 residential units and 7,000 square feet of commercial space. The Morissey The Howick 175 West Development 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 2.9 PROJECT AREA BUDGET 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 2024 annual report. PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS The following four sheets represent the FY 2024, FY 2025, FY 2026, as well as a multi-year budget from 2016 through 2037. 2,976,694 16,849,993 - $26,087,746 Housing Tax Increment Commitments Contribution To/(From) Fund Balance Interfund Loan to City Center CRA Total Expenditures $26,087,746 - $26,087,746 $1,043,510 5,217,549 Tax Increment Interest Total Revenue EXPENDITURES TOTALS Agency Administration PROJECT AREA BUDGET FY 2024-2037 REVENUES TOTALS ---PAGE BREAK--- Page 15 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY West Millcreek URA 2024 Annual Budget Yr. 25 Tax Year 2023 Payment Year 2024 ASSESSED VALUATION TAXABLE VALUATION Real Property 297,847,495 Personal Property 15,565,618 Centrally Assessed 1,998,073 Total Assessed Value 315,411,186 Less: Base Year Value (112,484,802) Incremental Assessed Value 202,926,384 TAX INCREMENT ANALYSIS Tax Rate Total Tax Rate ACM 0.011449 Total Tax Rate ACO 0.011515 Total Tax Rate ACQ 0.011137 Less State Assessing & Collecting - Less Local Assessing & Collecting - Total Tax Rate 0.034101 PROJECT AREA BUDGET TAX INCREMENT REVENUES Total Tax Increment 2,329,266 Percent of Tax Increment for Project 80% Tax Increment: Available 1,863,412 Adjustments 2 TOTAL DISTRIBUTION 1,863,414 EXPENDITURES: RDA Administrative Fees 74,537 Housing 372,683 Tax Increment Commitments 212,621 Contribution to or Use of Fund Balance 1,203,574 TOTAL EXPENDITURES 1,863,414 ---PAGE BREAK--- Page 16 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY West Millcreek URA 2025 Annual Budget Yr. 26 Tax Year 2024 Payment Year 2025 ASSESSED VALUATION TAXABLE VALUATION Real Property 297,847,495 Personal Property 15,565,618 Centrally Assessed 1,998,073 Total Assessed Value 315,411,186 Less: Base Year Value (112,484,802) Incremental Assessed Value 202,926,384 TAX INCREMENT ANALYSIS Tax Rate Total Tax Rate ACM 0.011449 Total Tax Rate ACO 0.011515 Total Tax Rate ACQ 0.011137 Less State Assessing & Collecting - Less Local Assessing & Collecting - Total Tax Rate 0.034101 PROJECT AREA BUDGET TAX INCREMENT REVENUES Total Tax Increment 2,329,266 Percent of Tax Increment for Project 80% Tax Increment: Available 1,863,412 Adjustments 2 TOTAL DISTRIBUTION 1,863,414 EXPENDITURES: RDA Administrative Fees 74,537 Housing 372,683 Tax Increment Commitments 212,621 Contribution to or Use of Fund Balance 1,203,574 TOTAL EXPENDITURES 1,863,414 ---PAGE BREAK--- Page 17 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY West Millcreek URA 2026 Annual Budget Yr. 27 Tax Year 2025 Payment Year 2026 ASSESSED VALUATION TAXABLE VALUATION Real Property 297,847,495 Personal Property 15,565,618 Centrally Assessed 1,998,073 Total Assessed Value 315,411,186 Less: Base Year Value (112,484,802) Incremental Assessed Value 202,926,384 TAX INCREMENT ANALYSIS Tax Rate Total Tax Rate ACM 0.011449 Total Tax Rate ACO 0.011515 Total Tax Rate ACQ 0.011137 Less State Assessing & Collecting - Less Local Assessing & Collecting - Total Tax Rate 0.034101 PROJECT AREA BUDGET TAX INCREMENT REVENUES Total Tax Increment 2,329,266 Percent of Tax Increment for Project 80% Tax Increment: Available 1,863,412 Adjustments 2 TOTAL DISTRIBUTION 1,863,414 EXPENDITURES: RDA Administrative Fees 74,537 Housing 372,683 Tax Increment Commitments 212,621 Contribution to or Use of Fund Balance 1,203,574 TOTAL EXPENDITURES 1,863,414 ---PAGE BREAK--- Page 18 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY West Millcreek URA Redevelopment Agency Multi-Year Budget Multi-year Project Area Ongoing Budget <======Historic Projected 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 Yr. 21 Yr. 22 Fiscal Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Tax Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 ASSESED VALUATION ACM Millcreek Tax District ACM 49,256,269 166,101,700 76,671,648 Incremental Value 49,256,269 166,101,700 27,131,132 27,189,912 28,824,965 54,609,330 58,951,786 79,180,484 92,898,666 92,898,666 92,898,666 92,898,666 92,898,666 92,898,666 92,898,666 92,898,666 92,898,666 92,898,666 92,898,666 92,898,666 92,898,666 92,898,666 ACO Millcreek Tax District ACO 89,429,052 Incremental Value 26,484,766 31,467,474 49,019,220 51,135,992 55,985,314 92,027,409 106,587,558 106,587,558 106,587,558 106,587,558 106,587,558 106,587,558 106,587,558 106,587,558 106,587,558 106,587,558 106,587,558 106,587,558 106,587,558 106,587,558 ACQ Millcreek Tax District ACQ Incremental Value 4,679,732 183,095 76,272 2,971,420 3,440,160 3,440,160 3,440,160 3,440,160 3,440,160 3,440,160 3,440,160 3,440,160 3,440,160 3,440,160 3,440,160 3,440,160 3,440,160 3,440,160 Project Area Value 82,523,917 105,928,417 115,013,372 174,179,313 202,926,384 202,926,384 202,926,384 202,926,384 202,926,384 202,926,384 202,926,384 202,926,384 202,926,384 202,926,384 202,926,384 202,926,384 202,926,384 202,926,384 TAX INCREMENT ANALYSIS ACM Tax Rate Incremental Property Tax Rates % of Tax Combined Rate 0.013082 0.014681 0.014157 0.012392 0.011464 0.011449 0.011449 0.011449 0.011449 0.011449 0.011449 0.011449 0.011449 0.011449 0.011449 0.011449 0.011449 0.011449 0.011449 100.00% ACO Tax Rate Incremental Property Tax Rates Combined Rate 0.013185 0.014775 0.014244 0.012474 0.011533 0.011515 0.011515 0.011515 0.011515 0.011515 0.011515 0.011515 0.011515 0.011515 0.011515 0.011515 0.011515 0.011515 0.011515 ACQ Tax Rate Incremental Property Tax Rates Combined Rate 0.012715 0.014298 0.013791 0.012055 0.011168 0.011137 0.011137 0.011137 0.011137 0.011137 0.011137 0.011137 0.011137 0.011137 0.011137 0.011137 0.011137 0.011137 0.011137 Tax Increment - 1,228,264 1,501,818 1,420,007 1,998,460 2,329,197 2,329,266 2,329,266 2,329,266 2,329,266 2,329,266 2,329,266 2,329,266 2,329,266 2,329,266 2,329,266 2,329,266 2,329,266 2,329,266 Participation Rate 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% ACM Tax Increment Final Increment to Agency 284,151 347,991 619,099 579,417 722,949 850,840 850,877 850,877 850,877 850,877 850,877 850,877 850,877 850,877 850,877 850,877 850,877 850,877 850,877 ACO Tax Increment Final Increment to Agency 329,653 581,092 568,975 558,025 847,282 981,908 981,885 981,885 981,885 981,885 981,885 981,885 981,885 981,885 981,885 981,885 981,885 981,885 981,885 ACQ Tax Increment Final Increment to Agency 53,529 1,416 (1,436) 25,409 30,610 30,650 30,650 30,650 30,650 30,650 30,650 30,650 30,650 30,650 30,650 30,650 30,650 30,650 PROJECT AREA BUDGET TOTALS REVENUES Total Property Tax Increment 73,498 193,112 546,303 977,069 982,611 1,189,492 1,136,006 1,595,640 1,863,358 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 32,781,477 Interest 20,081 4,161 1,000 - - - - - - - - - - - - - - - 25,242 EXPENDITURES TOTALS Increment Fund Administration Fee 2,940 7,724 21,852 39,083 - 47,580 45,273 63,826 74,534 74,537 74,537 74,537 74,537 74,537 74,537 74,537 74,537 74,537 74,537 74,537 74,537 74,537 1,271,787 Housing (20%) 14,700 38,622 109,261 195,414 196,522 237,898 226,264 319,128 372,672 372,683 372,683 372,683 372,683 372,683 372,683 372,683 372,683 372,683 372,683 372,683 372,683 372,683 6,555,358 Tax Increment Commitments 164,592 176,621 240,891 217,786 212,621 212,621 212,621 212,621 212,621 212,621 212,621 212,621 212,621 212,621 212,621 212,621 212,621 212,621 212,621 3,989,205 Contribution To/(From) Fund Balance 55,858 146,765 415,190 577,980 629,549 (7,877) 39,869 428,265 1,203,531 1,203,574 1,203,574 1,203,574 1,203,574 1,203,574 1,203,574 1,203,574 1,203,574 1,203,574 1,203,574 1,203,574 1,203,574 1,203,574 19,135,594 Total Expenditures 73,498 193,112 546,303 977,069 1,002,692 1,193,653 1,137,006 1,595,640 1,863,358 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 1,863,414 32,806,719 Pass-Through to Taxing Entities TOTALS REVENUES ACM 71,548 75,188 154,420 144,854 180,748 212,710 212,719 212,719 212,719 212,719 212,719 212,719 212,719 212,719 212,719 212,719 212,719 212,719 212,719 3,303,664 ACO 85,246 143,167 145,589 139,506 212,592 245,477 245,471 245,471 245,471 245,471 245,471 245,471 245,471 245,471 245,471 245,471 245,471 245,471 245,471 3,788,700 ACQ 355 (359) 6,352 7,652 7,663 7,663 7,663 7,663 7,663 7,663 7,663 7,663 7,663 7,663 7,663 7,663 7,663 113,260 Pass Through Total #DIV/0! #DIV/0! #DIV/0! 156,793 218,356 300,364 284,001 399,692 465,839 465,853 465,853 465,853 465,853 465,853 465,853 465,853 465,853 465,853 465,853 465,853 465,853 465,853 7,205,623 Base Year Revenue #DIV/0! #DIV/0! #DIV/0! 1,478,009 1,627,457 1,540,268 1,369,957 1,254,994 1,237,609 1,237,337 1,237,337 1,237,337 1,237,337 1,237,337 1,237,337 1,237,337 1,237,337 1,237,337 1,237,337 1,237,337 1,237,337 1,237,337 24,593,674 ---PAGE BREAK--- Page 19 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY EXHIBIT A: MAP OF WEST MILLCREEK CRA PROJECT AREA ---PAGE BREAK--- Page 20 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY SECTION 3 MILLCREEK CENTER CRA ---PAGE BREAK--- Page 21 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 MILLCREEK CENTER CRA TABLE 3.1 OVERVIEW OF MILLCREEK CENTER CRA 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. This center, essentially a new town square for the newly incorporated city, has been called Millcreek Common. It is now home to an 11,000 square foot ice skating/ roller skating ribbon, a splash pad, and community stage, and hosts hundreds of events per year. Tax Increment generated by the Millcreek Center CRA is being used to repay the $20 million construction bond. This notable public amenity is proving effective at attracting surrounding redevelopment. 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. It was originally intended that tax increment be collected for a period of 20 years under the project area budget. However, in 2020 the expiration year of the project area was extended by two years from TY 2040 to TY 2042 as allowed by Utah Code 17C-1-416 “COVID-19 Emergency Extension Bill” and documented by Resolution 20-06. $130,666,124 $210,822,646 25.5% $745,569 16 Years 2019 2017 20 Years FY 2021 FY 2042 BASE VALUE TY 2023 VALUE VALUE INCREASE FY 2024 INCREMENT REMAINING LIFE CRA 105 Mixed-Use Development ADO 0.011203 CREATION YEAR BASE YEAR TERM TRIGGER YEAR EXPIRATION YEAR OVERVIEW TYPE ACREAGE PURPOSE TAXING DISTRICT TAX RATE ---PAGE BREAK--- Page 22 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY 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. PROJECT AREA PROGRESS The Richmond Project Area (mixed use, includes commercial) is currently under construction and contains 330 residential units and 13,000 commercial square feet The Cottonwood on Highland Project Area (mixed use, includes commercial) is currently under construction and contains 250 residential units and 15,000 commercial square feet The Hudson Project Area (mixed use, includes commercial) is under technical review and contains 250 residential units and 7,735 commercial square feet The Millcreek Common Project Area (Phase 1 – 2-acre public plaza and ice ribbon) was completed in January 2022 The Millcreek City Hall Project Area (60,000 sf city hall, including public market and community room) was completed in 2023 The Westerly Project Area is currently under construction and will contain 197 residential units, 91,319 commercial square feet, and a shared parking structure with about 450 spaces. The Millcreek Common North Project Area (Mixed use, includes commercial) has expired, and a resubmittal is anticipated. The project would include 58 residential units and 9,561 commercial square feet The Brickcreek Lofts (Multifamily development) is currently under construction, and will contain 89 residential units The MC29 Project Area (mixed use, includes commercial) is currently awaiting CUP, and will contain 79 residential units and 4,421 commercial square feet. The Medical Office Project Area (40’ tall – 21,000 sf medical office building/pending development agreement) is under construction and will contain 21,000 commercial square feet. ACREAGE AND RESIDENTIAL HOUSING TABLE 3.2 DEVELOPED, UNDEVELOPED AND RESIDENTIAL ACREAGE WITHIN MILCREEK CENTER TAX INCREMENT PARTICIPATION LEVELS TABLE 3.3 TAXING ENTITY PARTICIPATION LEVELS Residential 105.00 0.00 6.83 Milcreek Center CRA Developed Undeveloped ACREAGE 80% 80% 75% 80% 100% South Salt Lake Valley Mosquito Abatement District Mt. Olympus Improvement District Central Utah Water Conservancy District Unified Fire Service Area Salt Lake County Library TAX INCREMENT LEVELS ENTITY % Salt Lake County Granite School District Milcreek City 100% 80% 80% ---PAGE BREAK--- Page 23 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY SOURCES AND USES TABLE 3.4 SOURCES OF FUNDS TABLE 3.5 USES OF FUNDS 2024 USES OF FUNDS Administration Fee $37,278 Housing (15%) 111,795 Salt Lake County Mitigation Payment 35,569 Transfer to Capital Improvement Fund 560,927 Total Uses $745,569 PROJECT AREA REPORTING AND ACCOUNTABILITY TABLE 3.6 COMPARISON OF FORECASTED AND ACTUAL TAX INCREMENT TABLE 3.7 RELATIVE GROWTH IN ASSESSED VALUE The primary reason for the variance between the forecasted and actual revenues is due to delays in various construction projects due to the Covid-10 pandemic. BENEFITS DERIVED BY PARTICIPATING TAXING ENTITIES Increased jobs Increased tax base Increase in quality of life and public amenities As shown in table 3.8 below, current annual tax increment revenues in the Project Area are 50.9% above what would have been realized if assessed values had remained at base year levels. Since FY 2017, as assessed values have increased throughout the life of the CRA, the total tax increment revenues in the Project Area are 20.4% above what would have been realized based on base year levels. The taxing entities are currently benefiting from these increased assessed values and associated tax increment revenues in the Project Area as a portion of tax increment is being returned to these taxing entities per the schedule in Table 3.3 above. The most significant benefit to the taxing entities will be realized when the life of the Project Area expires in tax year 2042. 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. 2024 SOURCES OF FUNDS Calculated Increment Total Sources of Funds $745,569 $745,569 TAX INCREMENT GENERATED IN PROJECT AREA Property Tax Increment - FY 2023 745,569 889,701 83.80% % OF PROJECTION FORECASTED ACTUAL REALIZATION OF TAX INCREMENT $210,822,646 $167,983,798 25.5% 25.5% $210,822,646 $130,666,124 61.3% 8.3% GROWTH RATE PRIOR YEAR/BASE YEAR CURRENT YEAR ASSESSED VALUE BY AREA AAGR Annual Growth in the Project Area (2024 vs. 2023) Lifetime Growth in Project Area Since Base Year (2023 vs. 2017) GROWTH IN ASSESSED VALUES ---PAGE BREAK--- Page 24 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY TABLE 3.8 GROWTH IN TAX INCREMENT NOTABLE DEVELOPMENT AND FUTURE PROJECTS The Project Area was created to remove blight and rehabilitate the area to create a mixed-use lifestyle center that would serve as an amenity and central gathering place for the community. The Plan originally envisioned a mix of uses including residential and commercial development. Several development projects and businesses have been completed within the Project Area to this point, with multiple others in various stages of development. These include eight multi-use development projects consisting of a mix of multi-family residential and commercial space, one project that is solely a multi-family residential development, and three projects consisting of exclusively commercial development, including a public plaza and ice ribbon, a 60,000 square foot City Hall, and a 21,000 square foot medical office building. Notable development projects and businesses within the Project Area include: Millcreek Common West Millcreek City Hall Cottonwood on Richmond Cottonwood on Highland MC33 Millcreek Lofts The Richmond Hudson Millcreek Common Millcreek Common North Westerly Brickcreek Lofts The Archer MC29 Medical Office 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. PASS THROUGH INCREMENT (ABOVE BASE) Tax Year 2023 (Total Tax Increment Generated) Lifetime Revenue (2015-2023) 465,839 2,326,933 767,169 4,299,912 61% 54% TAX INCREMENT FROM PROJECT AREA Tax Year 2023 (Total Tax Increment Generated) Lifetime Revenue (2015-2023) 1,863,358 8,557,088 1,295,262 10,109,906 144% 85% ACTUAL REVENUE BASE YEAR VALUE REVENUES % OF BASE YEAR VALUE REVENUES ---PAGE BREAK--- Page 25 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY TABLE 3.9 REMAINING PROJECT AREA BUDGET 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 2024 Annual Report. PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS The following sheets represent the FY 2024, FY 2025, FY 2026, as well as a multi-year budget from 2021 through 2042. Total Expenditures 1,451,892 4,355,635 1,385,820 21,844,491 $29,037,838 EXPENDITURES TOTALS Administration Housing Salt Lake County Mitigation Payment Redevelopment Activities PROJECT AREA BUDGET FY 2024-2042 REVENUES TOTALS Increment Total Revenue 29,037,838 $29,037,838 ---PAGE BREAK--- Page 26 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY Millcreek Center CRA 2024 Annual Budget Yr. 25 Tax Year 2023 Payment Year 2024 ASSESSED VALUATION TAXABLE VALUATION Real Property 204,335,401 Personal Property 6,071,755 Centrally Assessed 415,490 Total Assessed Value 210,822,646 Less: Base Year Value (130,666,124) Incremental Assessed Value 80,156,522 TAX INCREMENT ANALYSIS (ACM) Tax Rate Salt Lake County 0.001394 Granite School District 0.006078 Millcreek City 0.001431 South Salt Lake MAD 0.000009 Mt Olympus Improvement District 0.000184 Central Utah Water Conservancy District 0.000387 Unified Fire Service Area 0.001339 Salt Lake County Library 0.000381 Total Tax Rate 0.011203 PROJECT AREA BUDGET TAX INCREMENT REVENUES Total Tax Increment 745,299 Percent of Tax Increment for Project 100% Tax Increment: Available 745,299 Adjustments 270 TOTAL DISTRIBUTION 745,569 EXPENDITURES: RDA Administrative Fees 37,278 Housing 111,795 Salt Lake County Mitigation Payment 35,569 Contribution to or Use of Fund Balance 560,927 TOTAL EXPENDITURES 745,569 ---PAGE BREAK--- Page 27 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY Millcreek Center CRA 2025 Annual Budget Yr. 26 Tax Year 2024 Payment Year 2025 ASSESSED VALUATION TAXABLE VALUATION Real Property 224,335,401 Personal Property 6,071,755 Centrally Assessed 415,490 Total Assessed Value 230,822,646 Less: Base Year Value (130,666,124) Incremental Assessed Value 100,156,522 TAX INCREMENT ANALYSIS (ACM) Tax Rate Salt Lake County 0.001394 Granite School District 0.006078 Millcreek City 0.001431 South Salt Lake MAD 0.000009 Mt Olympus Improvement District 0.000184 Central Utah Water Conservancy District 0.000387 Unified Fire Service Area 0.001339 Salt Lake County Library 0.000381 Total Tax Rate 0.011203 PROJECT AREA BUDGET TAX INCREMENT REVENUES Total Tax Increment 931,260 Percent of Tax Increment for Project 100% Tax Increment: Available 931,260 Adjustments - TOTAL DISTRIBUTION 931,260 EXPENDITURES: RDA Administrative Fees 46,563 Housing 139,689 Salt Lake County Mitigation Payment 44,444 Contribution to or Use of Fund Balance 700,564 TOTAL EXPENDITURES 931,260 ---PAGE BREAK--- Page 28 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY Millcreek Center CRA 2026 Annual Budget Yr. 27 Tax Year 2025 Payment Year 2026 ASSESSED VALUATION TAXABLE VALUATION Real Property 244,335,401 Personal Property 6,071,755 Centrally Assessed 415,490 Total Assessed Value 250,822,646 Less: Base Year Value (130,666,124) Incremental Assessed Value 120,156,522 TAX INCREMENT ANALYSIS (ACM) Tax Rate Salt Lake County 0.001394 Granite School District 0.006078 Millcreek City 0.001431 South Salt Lake MAD 0.000009 Mt Olympus Improvement District 0.000184 Central Utah Water Conservancy District 0.000387 Unified Fire Service Area 0.001339 Salt Lake County Library 0.000381 Total Tax Rate 0.011203 PROJECT AREA BUDGET TAX INCREMENT REVENUES Total Tax Increment 1,303,182 Percent of Tax Increment for Project 100% Tax Increment: Available 1,303,182 Adjustments - TOTAL DISTRIBUTION 1,303,182 EXPENDITURES: RDA Administrative Fees 65,159 Housing 195,477 Salt Lake County Mitigation Payment 62,194 Contribution to or Use of Fund Balance 980,351 TOTAL EXPENDITURES 1,303,182 ---PAGE BREAK--- Page 29 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY 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 Yr. 21 Yr. 22 Fiscal Year 2017 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Tax Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 ASSESED VALUATION Real 134,167,998 137,722,841 160,361,535 204,335,401 224,335,401 244,335,401 264,335,401 284,335,401 304,335,401 304,335,401 304,335,401 304,335,401 304,335,401 304,335,401 304,335,401 304,335,401 304,335,401 304,335,401 304,335,401 304,335,401 304,335,401 304,335,401 Centrally Assessed 530,105 510,118 1,042,521 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 415,490 Personal Property - 6,803,655 6,579,742 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 6,071,755 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) (130,666,124) (130,666,124) Central Base Value - - - - - - - - - - - - - - - - - - - - - - Personal Base Value - - - - - - - - - - - - - - - - - - - - - - Incremental Value - 4,031,979 14,370,490 37,317,674 80,156,522 100,156,522 120,156,522 140,156,522 160,156,522 180,156,522 180,156,522 180,156,522 180,156,522 180,156,522 180,156,522 180,156,522 180,156,522 180,156,522 180,156,522 180,156,522 180,156,522 180,156,522 180,156,522 TAX INCREMENT ANALYSIS ACM Tax Rate Incremental Property Tax Rates Salt Lake County 0.001817 0.001777 0.001459 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 0.001394 Granite School District 0.007397 0.005979 0.006164 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 0.006078 Millcreek City 0.001791 0.001699 0.001389 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 0.001431 South Salt Lake Valley Mosquito Abatement District 0.000013 0.000012 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 0.000009 Mt. Olympus Improvement District 0.000248 0.000229 0.000188 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 0.000184 Central Utah Water Conservancy District 0.000382 0.000375 0.000322 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 0.000387 Unified Fire Service Area 0.001715 0.001592 0.001320 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 0.001339 Salt Lake County Library 0.000515 0.000474 0.000386 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 0.000381 Combined Rate 0.013878 0.012137 0.011237 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 0.011203 Tax Increment 55,956 186,260 425,260 897,994 1,122,054 1,346,114 1,570,174 1,794,234 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 55,956 186,260 425,260 897,994 1,122,054 1,346,114 1,570,174 1,794,234 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 2,018,294 Salt Lake County 7,326 25,809 56,539 111,738 139,618 167,498 195,378 223,258 251,138 251,138 251,138 251,138 251,138 251,138 251,138 251,138 251,138 251,138 251,138 251,138 251,138 251,138 Granite School District 29,825 95,569 228,809 487,191 608,751 730,311 851,871 973,431 1,094,991 1,094,991 1,094,991 1,094,991 1,094,991 1,094,991 1,094,991 1,094,991 1,094,991 1,094,991 1,094,991 1,094,991 1,094,991 1,094,991 Millcreek City 7,221 25,041 53,874 114,704 143,324 171,944 200,564 229,184 257,804 257,804 257,804 257,804 257,804 257,804 257,804 257,804 257,804 257,804 257,804 257,804 257,804 257,804 South Salt Lake Valley Mosquito Abatement District 52 179 356 721 901 1,081 1,261 1,441 1,621 1,621 1,621 1,621 1,621 1,621 1,621 1,621 1,621 1,621 1,621 1,621 1,621 1,621 Mt. Olympus Improvement District 1,000 3,420 7,285 14,749 18,429 22,109 25,789 29,469 33,149 33,149 33,149 33,149 33,149 33,149 33,149 33,149 33,149 33,149 33,149 33,149 33,149 33,149 Central Utah Water Conservancy District 1,540 5,437 12,365 31,021 38,761 46,501 54,241 61,981 69,721 69,721 69,721 69,721 69,721 69,721 69,721 69,721 69,721 69,721 69,721 69,721 69,721 69,721 Unified Fire Service Area 6,915 23,715 51,049 107,330 134,110 160,890 187,670 214,450 241,230 241,230 241,230 241,230 241,230 241,230 241,230 241,230 241,230 241,230 241,230 241,230 241,230 241,230 Salt Lake County Library 2,076 7,091 14,984 30,540 38,160 45,780 53,400 61,020 68,640 68,640 68,640 68,640 68,640 68,640 68,640 68,640 68,640 68,640 68,640 68,640 68,640 68,640 Salt Lake County 100% 100% 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% 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% 80% 80% ACM Tax Increment Total Increment 46,568 155,316 353,895 745,299 931,260 1,117,221 1,303,182 1,489,143 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 County Auditor Adjustment - - (7,135) 270 - - - - - - - - - - - - - - - - - - Final Increment to Agency 46,568 155,316 346,760 745,569 931,260 1,117,221 1,303,182 1,489,143 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 PROJECT AREA BUDGET REVENUES Total Property Tax Increment 46,568 155,316 346,760 745,569 931,260 1,117,221 1,303,182 1,489,143 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 Rents & Leases 10,514 3,640 1,200 Interest 19,625 52 343 Loan Proceeds 675,161 607,814 571,800 Miscellaneous Income 3,358 1,295,764 - Total Revenues 755,226 2,062,586 920,103 745,569 931,260 1,117,221 1,303,182 1,489,143 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 EXPENDITURES Increment Fund Administration Fee 2,328 7,766 17,338 37,278 46,563 55,861 65,159 74,457 83,755 83,755 83,755 83,755 83,755 83,755 83,755 83,755 83,755 83,755 83,755 83,755 83,755 83,755 Housing (15%) 6,985 23,297 52,014 111,795 139,689 167,583 195,477 223,372 251,266 251,266 251,266 251,266 251,266 251,266 251,266 251,266 251,266 251,266 251,266 251,266 251,266 251,266 Salt Lake County Mitigation Payment 2,351 8,225 17,881 35,569 44,444 53,319 62,194 71,069 79,944 79,944 79,944 79,944 79,944 79,944 79,944 79,944 79,944 79,944 79,944 79,944 79,944 79,944 Professional Services 933,342 14,690 1,500 - - - - - - - - - - - - - - - - - - - Debt Service Payment 721,729 721,797 721,800 - - - - - - - - - - - - - - - - - - - Land Purchase 6,219,838 - - - - - - - - - - - - - - - - - - - - - Miscellaneous 15,532 3,835 1,944 - - - - - - - - - - - - - - - - - - - Contribution To/(From) Fund Balance (Redevelopment Activities) (7,146,879) 1,282,976 107,626 560,927 700,564 840,458 980,351 1,120,245 1,260,139 1,260,139 1,260,139 1,260,139 1,260,139 1,260,139 1,260,139 1,260,139 1,260,139 1,260,139 1,260,139 1,260,139 1,260,139 1,260,139 Total Expenditures 755,226 2,062,586 920,103 745,569 931,260 1,117,221 1,303,182 1,489,143 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 1,675,104 ---PAGE BREAK--- Page 30 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY EXHIBIT A: MILLCREEK CENTER CRA ---PAGE BREAK--- Page 31 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 SECTION 4 WOODLAND AVENUE CRA ---PAGE BREAK--- Page 32 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY WOODLAND AVENUE CRA TABLE 4.1 OVERVIEW OF WOODLAND AVENUE CRA 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 has negotiated the terms and conditions of the Project Area with the various taxing entities within the Project Area, and the interlocal agreements were finalized and adopted in FY 2022. Tax Increment was triggered in TY 2023 and the first payment was received this year. PROJECT AREA PROGRESS The Millcreek Flats Project Area (mixed use, includes commercial) is currently under construction and includes 217 residential units and 6,851 commercial square feet. ACREAGE AND RESIDENTIAL HOUSING TABLE 4.2 DEVELOPED, UNDEVELOPED AND RESIDENTIAL ACREAGE WITHIN WOODLAND AVE CRA TAX INCREMENT PARTICIPATION LEVELS TABLE 4.3 TAXING ENTITY PARTICIPATION LEVELS REMAINING LIFE $8,244,900 $9,509,349 15.30% $8,143 19 Years 2021 2020 20 Years FY 2024 FY 2043 BASE VALUE TY 2023 VALUE VALUE INCREASE FY 2024 INCREMENT CRA 5.35 Mixed-Use Development ADP 0.007462 CREATION YEAR BASE YEAR TERM TRIGGER YEAR EXPIRATION YEAR TYPE ACREAGE PURPOSE TAXING DISTRICT TAX RATE OVERVIEW ACREAGE DEVELOPED UNDEVELOPED RESIDENTIAL Woodland Ave CRA 5.35 0.00 0.91 Millcreek City Salt Lake City Mosquito Abatement District Mt. Olympus Improvement District Central Utah Water Conservancy District 100% 80% 80% 80% 80% 75% TAX INCREMENT LEVELS ENTITY % Salt Lake County Salt Lake City School District ---PAGE BREAK--- Page 33 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY SOURCES AND USES TABLE 4.4 SOURCES OF FUNDS TABLE 4.5 USES OF FUNDS 2024 USES OF FUNDS Administration Fee $407 Housing 1,221 Salt Lake County Mitigation Payment 366 Redevelopment Activities 6,148 Total Uses $8,142 TABLE 4.6 ACCOUNTING OF FUNDS RECEIVED AND SPENT FUNDS RECEIVED AND SPENT FORECASTED ACTUAL % OF PROJECTION Funds Received & Spent – TY 2023 $32,871 $8,142 24.77% PROJECT AREA REPORTING AND ACCOUNTABILITY TABLE 4.7 RELATIVE GROWTH IN ASSESSED VALUE PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS The following sheets represent the FY 2024, FY 2025, FY 2026, as well as a multi-year budget from 2024 through 2043. 2024 SOURCES OF FUNDS Calculated Increment $8,142 Total Sources of Funds $8,142 AAGR GROWTH RATE BASE YEAR CURRENT YEAR ASSESSED RANGE BY AREA GROWTH IN ASSESSED VALUES Growth in the Project Area (2024 vs. Base Year) $9,509,349 $8,244,900 15.30% 15.30% ---PAGE BREAK--- Page 34 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY Woodland Avenue CRA 2024 Annual Budget Yr. 25 Tax Year 2023 Payment Year 2024 ASSESSED VALUATION TAXABLE VALUATION Real Property 8,449,000 Personal Property 1,037,796 Centrally Assessed 22,553 Total Assessed Value 9,509,349 Less: Base Year Value (8,244,900) Incremental Assessed Value 1,264,449 TAX INCREMENT ANALYSIS (ADP) Tax Rate Salt Lake County 0.001394 Salt Lake City School District 0.003907 Millcreek City 0.001431 Salt Lake City MAD 0.000159 Mt. Olympus Improvement District 0.000184 Central Utah Water Conservancy 0.000387 Total Tax Rate 0.007462 PROJECT AREA BUDGET TAX INCREMENT REVENUES Total Tax Increment 8,142 Percent of Tax Increment for Project 100% Tax Increment: Available 8,142 Adjustments - TOTAL DISTRIBUTION 8,142 EXPENDITURES: RDA Administrative Fees 407 Housing 1,221 Salt Lake County Mitigation Payment 366 Contribution to or Use of Fund Balance 6,148 TOTAL EXPENDITURES 8,142 ---PAGE BREAK--- Page 35 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY Woodland Avenue CRA 2025 Annual Budget Yr. 26 Tax Year 2024 Payment Year 2025 ASSESSED VALUATION TAXABLE VALUATION Real Property 13,449,000 Personal Property 1,037,796 Centrally Assessed 22,553 Total Assessed Value 14,509,349 Less: Base Year Value (8,244,900) Incremental Assessed Value 6,264,449 TAX INCREMENT ANALYSIS (ADP) Tax Rate Salt Lake County 0.001394 Salt Lake City School District 0.003907 Millcreek City 0.001431 Salt Lake City MAD 0.000159 Mt. Olympus Improvement District 0.000184 Central Utah Water Conservancy 0.000387 Total Tax Rate 0.007462 PROJECT AREA BUDGET TAX INCREMENT REVENUES Total Tax Increment 39,022 Percent of Tax Increment for Project 100% Tax Increment: Available 39,022 Adjustments - TOTAL DISTRIBUTION 39,022 EXPENDITURES: RDA Administrative Fees 1,951 Housing 5,853 Salt Lake County Mitigation Payment 1,747 Contribution to or Use of Fund Balance 29,471 TOTAL EXPENDITURES 39,022 ---PAGE BREAK--- Page 36 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY Woodland Avenue CRA 2026 Annual Budget Yr. 27 Tax Year 2025 Payment Year 2026 ASSESSED VALUATION TAXABLE VALUATION Real Property 18,449,000 Personal Property 1,037,796 Centrally Assessed 22,553 Total Assessed Value 19,509,349 Less: Base Year Value (8,244,900) Incremental Assessed Value 11,264,449 TAX INCREMENT ANALYSIS (ADP) Tax Rate Salt Lake County 0.001394 Salt Lake City School District 0.003907 Millcreek City 0.001431 Salt Lake City MAD 0.000159 Mt. Olympus Improvement District 0.000184 Central Utah Water Conservancy 0.000387 Total Tax Rate 0.007462 PROJECT AREA BUDGET TAX INCREMENT REVENUES Total Tax Increment 70,167 Percent of Tax Increment for Project 100% Tax Increment: Available 70,167 Adjustments - TOTAL DISTRIBUTION 70,167 EXPENDITURES: RDA Administrative Fees 3,508 Housing 10,525 Salt Lake County Mitigation Payment 3,141 Contribution to or Use of Fund Balance 52,993 TOTAL EXPENDITURES 70,167 ---PAGE BREAK--- Page 37 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY Woodland Avenue CRA Redevelopment Agency Multi-Year Budget Multi-year Project Area Ongoing Budget HISTORIC 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 2020 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Tax Year 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 ASSESED VALUATION Real 8,449,000 13,449,000 18,449,000 23,449,000 28,449,000 33,449,000 38,449,000 38,449,000 38,449,000 38,449,000 38,449,000 38,449,000 38,449,000 38,449,000 38,449,000 38,449,000 38,449,000 38,449,000 38,449,000 38,449,000 Centrally Assessed 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 22,553 Personal Property 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 1,037,796 Base Value (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) (8,244,900) Incremental Value - 1,264,449 6,264,449 11,264,449 16,264,449 21,264,449 26,264,449 31,264,449 31,264,449 31,264,449 31,264,449 31,264,449 31,264,449 31,264,449 31,264,449 31,264,449 31,264,449 31,264,449 31,264,449 31,264,449 31,264,449 TAX INCREMENT ANALYSIS ADP Tax Rate Incremental Property Tax Rates Combined Rate 0.007762 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 0.007462 Tax Increment 9,747 46,745 84,055 121,365 158,675 195,985 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 9,747 46,745 84,055 121,365 158,675 195,985 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 233,295 TOTALS TOTAL TIF PAID REMAINING Salt Lake County 1,830 8,733 15,703 22,673 29,643 36,613 43,583 43,583 43,583 43,583 43,583 43,583 43,583 43,583 43,583 43,583 43,583 43,583 43,583 43,583 725,350 605,494 1,521 603,973 Salt Lake City School District 5,355 24,475 44,010 63,545 83,080 102,615 122,150 122,150 122,150 122,150 122,150 122,150 122,150 122,150 122,150 122,150 122,150 122,150 122,150 122,150 2,033,184 1,697,033 4,263 1,692,770 Millcreek City 1,766 8,964 16,119 23,274 30,429 37,584 44,739 44,739 44,739 44,739 44,739 44,739 44,739 44,739 44,739 44,739 44,739 44,739 44,739 44,739 744,490 621,565 1,561 620,003 Salt Lake City Mosquito Abatement District 137 996 1,791 2,586 3,381 4,176 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 4,971 82,662 69,063 173 68,889 Mt. Olympus Improvement District 237 1,153 2,073 2,993 3,913 4,833 5,753 5,753 5,753 5,753 5,753 5,753 5,753 5,753 5,753 5,753 5,753 5,753 5,753 5,753 95,737 79,922 201 79,721 Central Utah Water Conservancy District 422 2,424 4,359 6,294 8,229 10,164 12,099 12,099 12,099 12,099 12,099 12,099 12,099 12,099 12,099 12,099 12,099 12,099 12,099 12,099 201,284 168,096 422 167,674 Salt Lake County 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 3,882,708 3,241,172 8,142 3,233,030 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% Tax Increment Final Increment to Agency 8,142 39,022 70,167 101,312 132,457 163,603 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 PROJECT AREA BUDGET TOTALS REVENUES Total Property Tax Increment 8,142 39,022 70,167 101,312 132,457 163,603 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 3,241,172 Interest - - - - - - - - - - - - - - - - - - - - - Total Revenues 8,142 39,022 70,167 101,312 132,457 163,603 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 3,241,172 EXPENDITURES Increment Fund TOTALS Administration Fee 407 1,951 3,508 5,066 6,623 8,180 9,737 9,737 9,737 9,737 9,737 9,737 9,737 9,737 9,737 9,737 9,737 9,737 9,737 9,737 162,059 Housing (15%) 1,221 5,853 10,525 15,197 19,869 24,540 29,212 29,212 29,212 29,212 29,212 29,212 29,212 29,212 29,212 29,212 29,212 29,212 29,212 29,212 486,176 Salt Lake County Mitigation Payment 366 1,747 3,141 4,535 5,929 7,323 8,717 8,717 8,717 8,717 8,717 8,717 8,717 8,717 8,717 8,717 8,717 8,717 8,717 8,717 145,070 Professional Services - - - - - - - - - - - - - - - - - - - - - Debt Service Payment - - - - - - - - - - - - - - - - - - - - - Land Purchase - - - - - - - - - - - - - - - - - - - - - Miscellaneous - - - - - - - - - - - - - - - - - - - - - Contribution To/(From) Fund Balance (Redevelopment Activities) 6,148 29,471 52,993 76,515 100,037 123,560 147,082 147,082 147,082 147,082 147,082 147,082 147,082 147,082 147,082 147,082 147,082 147,082 147,082 147,082 2,447,868 Total Expenditures 8,142 39,022 70,167 101,312 132,457 163,603 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 194,748 3,241,172 PROJECTED ---PAGE BREAK--- Page 38 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY EXHIBIT A: WOODLAND AVENUE CRA MAP ---PAGE BREAK--- Page 39 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY SECTION 5 OLYMPUS HILLS CRA ---PAGE BREAK--- Page 40 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 OLYMPUS HILLS CRA TABLE 5.1 OVERVIEW OF OLYMPUS HILLS CRA 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. A map of the project area is shown in Exhibit A. TAX RATE TBD N/A N/A N/A TBD CREATION YEAR BASE YEAR TERM TRIGGER YEAR EXPIRATION YEAR BASE VALUE TY 2023 VALUE VALUE INCREASE FY 2024 INCREMENT REMAINING LIFE 2018 TBD TBD TBD TBD CRA 42 Mixed-Use Development TBD N/A OVERVIEW TYPE ACREAGE PURPOSE TAXING DISTRICT ---PAGE BREAK--- Page 41 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY EXHIBIT A: OLYMPUS HILLS CRA ---PAGE BREAK--- Page 42 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY SECTION 6 CANYON RIM COMMONS CRA ---PAGE BREAK--- Page 43 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 CANYON RIM COMMONS CRA TABLE 6.1 OVERVIEW OF CANYON RIM COMMONS CRA 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. A map of the project area is shown in Exhibit A. TBD N/A N/A N/A TBD 2018 TBD TBD TBD TBD BASE VALUE TY 2023 VALUE VALUE INCREASE FY 2024 INCREMENT REMAINING LIFE CRA 75 Mixed-Use Development TBD N/A CREATION YEAR BASE YEAR TERM TRIGGER YEAR EXPIRATION YEAR OVERVIEW TYPE ACREAGE PURPOSE TAXING DISTRICT TAX RATE ---PAGE BREAK--- Page 44 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY EXHIBIT A: MAP OF CANYON RIM COMMONS REINVESTMENT AREA ---PAGE BREAK--- Page 45 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY SECTION 7 MEDTECH CRA ---PAGE BREAK--- Page 46 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 MEDTECH CRA TABLE 7.1 OVERVIEW OF MEDTECH CRA 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. A map of the project area is shown in Exhibit A. BASE VALUE TY 2023 VALUE VALUE INCREASE FY 2024 INCREMENT REMAINING LIFE $150,218,100 N/A N/A N/A 20 Years CREATION YEAR BASE YEAR TERM TRIGGER YEAR EXPIRATION YEAR 2021 2019 20 Years No Later Than TY 2025 TBD TYPE ACREAGE PURPOSE TAXING DISTRICT TAX RATE CRA 91 Commercial Development TBD N/A OVERVIEW ---PAGE BREAK--- Page 47 LRB PUBLIC FINANCE ADVISORS I 41 NORTH RIO GRANDE, SUITE 101 I SALT LAKE CITY, UT 84101 ANNUAL 2024 CRA REPORT MILLCREEK CITY COMMUNITY REINVESTMENT AGENCY EXHIBIT A: MAP OF MEDTECH CRA