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JUNE 30, 2023 2023 ANNUAL REPORT MILLCREEK COMMUNITY REINVESTMENT AGENCY, UT IN COMPLIANCE WITH UTAH CODE SECTION 17C-1-603 ---PAGE BREAK--- Page I 1 TABLE OF CONTENTS SECTION 1: EXECUTIVE SUMMARY 2 INTRODUCTION 2 OVERVIEW OF THE REINVESTMENT AGENCY 3 SUMMARY OF REQUESTED FUNDS 5 SECTION 2: WEST MILLCREEK URA 7 SOURCES OF FUNDS 7 USES OF FUNDS 8 PROJECT AREA REPORTING AND ACCOUNTABILITY 8 NOTABLE DEVELOPMENT AND FUTURE PROJECTS 10 FORECASTED PROJECT AREA BUDGET UPDATE 10 OTHER 10 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS 11 MAP OF WEST MILLCREEK PROJECT AREA 16 SECTION 3: MILLCREEK CENTER CRA 17 SOURCES OF FUNDS 18 USES OF FUNDS 18 PROJECT AREA REPORTING AND ACCOUNTABILITY 19 NOTABLE DEVELOPMENT AND FUTURE PROJECTS 20 FORECASTED PROJECT AREA BUDGET UPDATE 21 OTHER 21 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS 21 MAP OF MILLCREEK CENTER PROJECT AREA 26 SECTION 4: OLYMPUS HILLS CRA 27 SECTION 5: CANYON RIM COMMONS CRA 28 SECTION 6: WOODLAND AVENUE CRA 29 SECTION 7: MEDTECH CRA 30 ---PAGE BREAK--- Page I 2 SECTION 1: EXECUTIVE SUMMARY INTRODUCTION Lewis Young Robertson & Burningham, Inc (“LYRB”) has been retained by the Millcreek Community Reinvestment Agency (the “Agency”) to assist with the management and reporting requirements of the Agency’s two active project areas, and a brief overview of the Agency’s yet to be triggered project areas: West Millcreek; Millcreek Center; Olympus Hills; Canyon Rim; Woodland Avenue; and, MedTech The purpose of this report, in part, is to fulfill the requirements of Utah Code section 17C-1-603 – Agency Report. As new reporting requirements were adopted in legislation and became effective in 2011 and again revised and updated in 2016, this report facilitates the RDA’s compliance with the new code, providing the data necessary to fulfill the Agency Report requirements. This section of Utah Code mandates that the Agency provide an annual report to the county auditor, the State Tax Commission, the State Board of Education, as well as each of the taxing entities that levy a tax on property from which the Agency collects tax increment. The taxing entities involved in the various project areas of the Agency, to which this report is being provided, are summarized in the table below. This annual report is for informational purposes and is intended to provide an overview of each Project Area that lies within the boundaries of the RDA, including descriptions of each Project Area, significant activities, project timelines, actual and estimated tax increment collections, and any other information pertinent to the taxing entities. It is important to note that the annual report is currently in a transitioning phase as updated Utah Code section 17C-1- 603 states that, beginning in 2022, the annual RDA report will be disseminated only to the Governor’s Office of Economic Opportunity’s (“GO Utah”) database and will be due on or before June 30th of each calendar year. The November 1st deadline will be eliminated and electronic submission of the report to the taxing entities, County Auditor, State Tax Commission, State Board of Education will be replaced with the GO Utah database. LYRB will continue to provide the annual RDA report in strict compliance with the requirements laid out in 17C-1-603. Table 1.1: RDA Taxing Entities RDA TAXING ENTITIES Jeff Silvestrini Millcreek City Lisa Dudley Millcreek City Mike Winder Millcreek City Salt Lake County Council Salt Lake County Chris Harding Salt Lake County Auditor Todd Hauber Granite School District Gene Shawcroft Central Utah Water Conservancy District Lisa Anderson Central Utah Water Conservancy District Greg Neff Cottonwood Improvement District Kerry Eppich Mt Olympus Improvement District Brian Hougaard South Salt Lake Valley Mosquito Abatement District Deborah Jacobson Utah State Board of Education Lorraine Austin Utah State Board of Education Scott Smith Utah State Tax Commission ---PAGE BREAK--- Page I 3 Provided in this report is an overview of the West Millcreek Project Area, Millcreek Center Project Area, including summaries of the current and projected budgets, sources and uses of tax increment funds, Project Area growth statistics, and identification of certain concerns/needs. Additionally, this report includes brief overviews of the Olympus Hills Project Area, Canyon Rim Project Area, Woodland Project Area, and the MedTech Project Area OVERVIEW OF THE REINVESTMENT AGENCY Originally, under the Act, each project area created by a Redevelopment Agency was classified simply as a Redevelopment Area (RDA). In 1998, the Act was expanded to allow the creation of various types of project areas to be used to achieve different outcomes, including Urban Renewal Area (URA) and Economic Development Area (EDA). In 2006, the Act was further modified to provide for an additional project area type, Community Development Area (CDA). Changes to the Act, made in 2016 and 2019, put an end to the three aforementioned classifications. Going forward all project areas envisioned and created by a Redevelopment Agency are categorized by a single designation and are known as Community Reinvestment Areas (CRA). Previously created projects will still be subject to the predecessor rules under which they were created and will still be designated as RDAs, URAs, CDAs, and EDAs but new projects will need to conform to the CRA modifications. CRAs are created under a Redevelopment Agency. To create a CRA, an Agency must first adopt a survey resolution that designates a survey area and authorizes the Agency to prepare a project area plan and budget. The draft budget and plan are then created and then the Agency must meet the noticing requirements concerning its intent to adopt the plan and budget. Once the Agency adopts the draft plan and budget as the final plan and budget after a public hearing, it can then collaborate with the taxing entities. If the agency plans to use eminent domain in the CRA, a blight study must be performed in the designated area. The Agency then forges an agreement to receive tax increment participation and approval of the blight study from a taxing entity committee (TEC). With the potential use of eminent domain and a TEC, the CRA is required to allocate 20% of its tax increment revenue to affordable housing. If the agency does not intend to pursue eminent domain, interlocal agreements for tax increment participation can be entered into with individual taxing entities. No TEC is required. The affordable housing requirement for this approach is only 10% of the CRA’s tax increment revenue. The West Millcreek Project Area is classified as a URA, the other five Project Areas were created after 2016 and all have a CRA classification, and tax increment participation is agreed to by each of the taxing entities through interlocal agreement. AUTHORITIES AND POWERS OF THE AGENCY The authority of the Agency is directed by UCA Title 17C. 17C-1-202 An agency may: Sue and be sued; Enter into contracts generally; Buy, obtain an option upon, or otherwise acquire an interest in real or personal property; Sell, convey, grant, dispose of by gift, or otherwise dispose of any interest in real or personal property; Enter into a lease agreement on real or personal property, either as lessee or lessor; Provide for urban renewal, economic development, and community development as provided in this title; Receive tax increment as provided in this title; If disposing of or leasing land, retain controls or establish restrictions and covenants running with the land consistent with the project area plan; ---PAGE BREAK--- Page I 4 Accept financial or other assistance from any public or private source for the agency’s activities, powers, and duties, and expend any funds so received for any of the purposes of this title; Borrow money or accept financial or other assistance from the federal government, a public entity, or any other source for any of the purposes of this title and comply with any conditions of the loan or assistance; Issue bonds to finance the undertaking of any urban renewal, economic development, or community development or for any of the agency’s other purposes, including; • Reimbursing an advance made by the agency or by a public entity or the federal government to the agency; • Refunding bonds to pay or retire bonds previously issued by the agency; and • Refunding bonds to pay or retire bonds previously issued by the community that created the agency for expenses associated with an urban renewal, economic development, or community development project; and Transact other business and exercise all other powers provided for in this title. GOVERNING BOARD OF TRUSTEES AND STAFF MEMBERS Table 1.2: Board of Trustees GOVERNING BOARD OF TRUSTEES Jeff Silvestrini Chairman Millcreek City Mayor Silvia Catten Vice Chair Millcreek City Council Member Thom DeSirant RDA Board Member Millcreek City Council Member Cheri Jackson RDA Board Member Millcreek City Council Member Bev Uipi RDA Board Member Millcreek City Council Member Table 1.3: Administration & Staff Members ADMINISTRATION & STAFF MEMBERS Mike Winder Executive Director City Manager/Economic Development Director Lisa Dudley RDA Staff Finance Director Alyssa Henrie RDA Staff Assistant to Economic Development Director ---PAGE BREAK--- Page I 5 SUMMARY OF REQUESTED FUNDS In accordance with Utah Code 17C-1-603(3), this report is for informational purposes only, and does not alter the amount of tax increment that this Agency is entitled to collect. The Agency requests all tax increment legally available from each of the Agency’s project areas described below; however, these estimates should in no way be interpreted or applied as a limitation upon the amount the Agency is entitled to receive under applicable statute(s), project area budget(s), taxing entity committee resolutions, and/or interlocal cooperation agreements. Table 1.4: Estimate of Tax Increment ESTIMATE OF TAX INCREMENT TO BE PAID TO THE AGENCY TY 2023 (Ending Dec. 31, 2023) TY 2024 (Beginning Jan. 1, 2024) Property Tax Increment West Millcreek URA $1,601,812 $1,601,812 Millcreek Center CRA 535,490 722,340 Total Revenue $2,137,302 $2,324,152 Table 1.5: Active Project Area Acreage and Residential Housing ACREAGE Developed Undeveloped Misc. Total Residential West Millcreek URA 170.26 13.74 - 184 19.02 Millcreek Center CRA 98.93 6.07 - 105 10.87 ---PAGE BREAK--- Page I 6 GENERAL OVERVIEW OF ALL PROJECT AREAS LYRB has updated the Project Area Budget for each area which includes a multi-year projection of revenues based upon current market conditions. The combined projection for all three Project Areas forecasts that the areas will generate approximately $47.37M for the remainder of the life of the projects. Table 1.6: Tax Increment Received TAX INCREMENT RECEIVED – ALL PROJECT AREAS Revenues FY 2023 Totals Estimated Remaining Life Property Tax Increment West Millcreek URA $1,595,640 $22,425,362 Millcreek Center CRA 346,760 25,122,317 Property Tax Increment Subtotal $1,942,400 $47,547,679 Other Revenue West Millcreek URA - Millcreek Center CRA $573,343 - Other Revenue Subtotal $573,343 Total Revenues $2,515,743 $47,547,679 Expenditures FY 2021 Totals Estimated Remaining Life RDA Administration West Millcreek URA $63,826 $897,014 Millcreek Center CRA 17,338 1,256,116 Housing West Millcreek URA $319,128 $4,485,072 Millcreek Center CRA 52,014 3,768,348 Interfund Loan Payment West Millcreek URA $571,800 Tax Increment Commitments West Millcreek URA $212,621 $2,976,694 Salt Lake County Mitigation Payment Millcreek Center CRA $17,881 $1,240,318 Professional Services Millcreek Center CRA $1,500 Debt Service Payment Millcreek Center CRA $721,800 Land Purchase Millcreek Center CRA Miscellaneous Millcreek Center CRA $1,944 Contribution To/(From) Fund Balance West Millcreek URA $428,265 $14,066,581 Millcreek Center CRA 107,626 18,857,536 Total Expenditures $2,715,743 $47,547,679 ---PAGE BREAK--- Page I 7 SECTION 2: WEST MILLCREEK URA Table 2.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate URA Developed 170.26 Undeveloped 13.74 Total 184 Blight Remediation ACM ACO ACQ 0.011464 0.011533 0.011168 Creation Year Base Year Term Trigger Year Expiration Year FY 2009 FY 2009 22 Years TY 2015 TY 2036 Base Value TY 2022 Value Increase FY 2023 Increment Remaining Life $112,484,802 $286,664,115 155% $1,595,640 14 Years Salt Lake County Redevelopment Agency created th 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 184 acres of multi-residential, minor commercial, and light industrial uses. The Project Area is bordered by 200 East, Interstate 15, 3900 South, and Big Cottonwood Creek (4250 South), with two TRAX stations that are accessible anywhere within a half-mile radius of the Project Area. The Project Area was created to remove blight and rehabilitate the area to help ensure a viable economic life for the community. The Plan originally envisioned a mix of uses included residential, industrial, manufacturing, and commercial office spaces. SOURCES OF FUNDS The Project Area drew property tax increment beginning with the taxes collected in 2015 and remitted to the Agency in 2016 and will continue for 22 years through and including taxes collected in 2036 and paid to the Agency in 2037. Table 2.2: Sources of Funds FY 2023 SOURCES OF FUNDS Property Tax Increment $1,595,640 Total Sources of Funds $1,595,640 ---PAGE BREAK--- Page I 8 The Agency has received tax increment revenue every year beginning in 2016. The tax increment level is currently set according to the following schedule: Table 2.3: Tax Increment Levels PARTICIPATION RATES Taxing Entity Percentage Years Salt Lake County (Library) 80% 22 Years Granite School District 80% 22 Years Millcreek City 80% 22 Years South Salt Lake Valley Mosquito Abatement District 80% 22 Years Cottonwood Improvement District 80% 22 Years Mt. Olympus Improvement District 80% 22 Years Central Utah Water Conservancy District 80% 22 Years Jordan Valley Water Conservancy District 80% 22 Years Unified Fire Service Area 80% 22 Years USES OF FUNDS PROJECT AREA REPORTING AND ACCOUNTABILITY COMPARISON OF FORECASTED AND ACTUAL TAX INCREMENT Table 2.5: Realization of Tax Increment REALIZATION OF TAX INCREMENT ACTUAL FORECASTED % OF PROJECTION TAX INCREMENT GENERATED IN PROJECT AREA Property Tax Increment – FY 2023 $1,595,640 $711,986 224.1% Table 2.4: Uses of Funds FY 2023 USES OF FUNDS Agency Administration $63,826 Housing 319,128 Interfund Loan to Millcreek Center CRA 571,800 Tax Increment Commitments 212,621 Contribution to/(from) Fund Balance 428,265 Total Uses of Funds $1,595,640 ---PAGE BREAK--- Page I 9 RELATIVE GROWTH IN ASSESSED VALUE Table 2.6: Growth in Assessed Value GROWTH IN ASSESSED VALUE CURRENT YEAR COMPARISON YEAR GROWTH RATE AAGR ASSESSED VALUES IN PROJECT AREA Annual Growth in Project Area (2022 vs. 2020) $286,664,115 $227,498,094 26.0% 26.0% Lifetime Growth in Project Area (2022 vs. Base) $286,664,115 $112,484,802 154.8% 20.6% ASSESSED VALUES IN MILLCREEK CITY Annual Growth in Millcreek (2022 vs. 2021) $8,426,692,097 $6,799,993,007 23.9% 23.9% Project Area Life Growth in Millcreek (2022 vs. 20171) $8,426,692,097 $4,953,798,964 70.1% 11.2% BENEFITS DERIVED BY PARTICIPATING TAXING ENTITIES As shown in Table 2.8 below, current annual tax increment revenues in the Project Area are 123.0% 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 74.6% 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. GROWTH IN PROPERTY TAX INCREMENT Table 2.8: Growth in Tax Increment GROWTH IN TAX INCREMENT ACTUAL REVENUES BASE YEAR VALUE REVENUES % ABOVE BASE TAX INCREMENT FROM PROJECT AREA Tax Year 2022 $1,595,640 $1,297,787 123.0% Lifetime Increment (2015-2022) $6,576,736 $8,814,643 74.6% PASS THROUGH INCREMENT (ABOVE BASE) Tax Year 2022 $399,692 $1,297,787 30.8% Lifetime Increment (2015-2022) $1,861,094 $8,814,643 21.1% 1 2017 was the first year that Millcreek City’s assessed value was calculated separate from Salt Lake County’s. Table 2.7: Benefits to Taxing Entities BENEFITS TO TAXING ENTITIES -Job creation -Increased property and sales tax revenue ---PAGE BREAK--- Page I 10 NOTABLE DEVELOPMENT AND FUTURE PROJECTS The Project Area was created to remove blight and rehabilitate the area to help ensure a viable economic life for the community. The Plan originally envisioned a mix of uses 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. This progress of this project is currently pending a conditional use permit. 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 PROJECT AREA BUDGET FY 2024-2037 REVENUES TOTALS Tax Increment $22,245,362 Total Revenue $22,245,362 EXPENDITURES TOTALS Agency Administration $897,014 Housing 4,485,072 Tax Increment Commitments 2,976,694 Contribution To/(From) Fund Balance 14,066,581 Total Expenditures $22,425,362 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 2023 Annual Report. ---PAGE BREAK--- Page I 11 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS The following four sheets represent the FY 2023, FY 2024, FY2025, as well as a multi-year budget from 2019 through 2037. ---PAGE BREAK--- Page I 12 2023 Annual Budget Tax Year 2022 Payment Year 2023 REVENUE: TAXABLE VALUATION: Tax Area ACM Assessed Value 123,947,142 $ Tax Area ACO Assessed Value 154,971,695 $ Tax Area ACQ Assessed Value 7,745,278 Total Assessed Value 286,664,115 $ Less: Tax Area ACM Base Year Value (44,766,658) $ Less: Tax Area ACO Base Year Value (62,944,286) $ Less: Tax Area ACQ Base Year Value (4,773,858) $ Incremental Assessed Value 174,179,313 $ Tax Rate: Total Tax Rate ACM 0.011464 Total Tax Rate ACO 0.011533 Total Tax Rate ACQ 0.011168 TAX INCREMENT REVENUES Tax Increment Calculated: 1,998,460 $ Total Tax Increment: 1,998,460 $ Percent of Tax Increment for Project 80% TAX INCREMENT REVENUES Tax Increment 1,598,768 $ County Auditor Adjustments: (3,128) Interest - Total Revenues To Agency 1,595,640 $ EXPENDITURES: Administration Fee 63,826 $ Housing (20%) 319,128 Interfund Loan to City Center CRA 571,800 Tax Increment Commitments 212,621 Contribution To/(From) Fund Balance 428,265 TOTAL EXPENDITURES 1,595,640 $ Millcreek City - West Millcreek URA ---PAGE BREAK--- Page I 13 2024 Annual Budget Tax Year 2023 Payment Year 2024 REVENUE: TAXABLE VALUATION: Tax Area ACM Assessed Value 123,947,142 $ Tax Area ACO Assessed Value 154,971,695 $ Tax Area ACQ Assessed Value 7,745,278 Total Assessed Value 286,664,115 $ Less: Tax Area ACM Base Year Value (44,766,658) $ Less: Tax Area ACO Base Year Value (62,944,286) $ Less: Tax Area ACQ Base Year Value (4,773,858) $ Incremental Assessed Value 174,179,313 $ Tax Rate: Total Tax Rate ACM 0.011464 Total Tax Rate ACO 0.011533 Total Tax Rate ACQ 0.011168 TAX INCREMENT REVENUES Tax Increment Calculated: 2,002,262 $ Total Tax Increment: 2,002,262 $ Percent of Tax Increment for Project 80% TAX INCREMENT REVENUES Tax Increment 1,601,810 $ County Auditor Adjustments: - Interest - Total Revenues To Agency 1,601,810 $ EXPENDITURES: Administration Fee 64,072 $ Housing (20%) 320,362 Interfund Loan to City Center CRA - Tax Increment Commitments 212,621 Contribution To/(From) Fund Balance 1,004,756 TOTAL EXPENDITURES 1,601,812 $ Millcreek City - West Millcreek URA ---PAGE BREAK--- Page I 14 2025 Annual Budget Tax Year 2024 Payment Year 2025 REVENUE: TAXABLE VALUATION: Tax Area ACM Assessed Value 123,947,142 $ Tax Area ACO Assessed Value 154,971,695 $ Tax Area ACQ Assessed Value 7,745,278 Total Assessed Value 286,664,115 $ Less: Tax Area ACM Base Year Value (44,766,658) $ Less: Tax Area ACO Base Year Value (62,944,286) $ Less: Tax Area ACQ Base Year Value (4,773,858) $ Incremental Assessed Value 174,179,313 $ Tax Rate: Total Tax Rate ACM 0.011464 Total Tax Rate ACO 0.011533 Total Tax Rate ACQ 0.011168 TAX INCREMENT REVENUES Tax Increment Calculated: 2,002,262 $ Total Tax Increment: 2,002,262 $ Percent of Tax Increment for Project 80% TAX INCREMENT REVENUES Tax Increment 1,601,810 $ County Auditor Adjustments: - Interest - Total Revenues To Agency 1,601,810 $ EXPENDITURES: Administration Fee 64,072 $ Housing (20%) 320,362 Interfund Loan to City Center CRA - Tax Increment Commitments 212,621 Contribution To/(From) Fund Balance 1,004,756 TOTAL EXPENDITURES 1,601,812 $ Millcreek City - West Millcreek URA ---PAGE BREAK--- Page I 15 West Millcreek URA Redevelopment Agency Multi-Year Budget Multi-year Project Area Ongoing Budget <======Historic Projected Yr. 4 Yr. 5 Yr. 6 Yr. 7 Yr. 8 Yr. 9 Yr. 10 Yr. 11 Yr. 12 Yr. 13 Yr. 14 Yr. 15 Yr. 16 Yr. 17 Yr. 18 Yr. 19 Yr. 20 Yr. 21 Yr. 22 Fiscal Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Tax Year 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 Incremental Value 27,189,912 28,824,965 54,609,330 58,951,786 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 79,180,484 ACO Millcreek Tax District ACO Incremental Value 31,467,474 49,019,220 51,135,992 55,985,314 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 92,027,409 ACQ Millcreek Tax District ACQ Incremental Value 4,679,732 183,095 76,272 2,971,420 2,971,420 2,971,420 2,971,420 2,971,420 2,971,420 2,971,420 2,971,420 2,971,420 2,971,420 2,971,420 2,971,420 2,971,421 2,971,422 2,971,423 Project Area Value 82,523,917 105,928,417 115,013,372 174,179,313 174,179,313 174,179,313 174,179,313 174,179,313 174,179,313 174,179,313 174,179,313 174,179,313 174,179,313 174,179,313 174,179,313 174,179,314 174,179,315 174,179,316 TAX INCREMENT ANALYSIS ACM Tax Rate Incremental Property Tax Rates Combined Rate 0.013082 0.014681 0.014157 0.012392 0.011464 0.011464 0.011464 0.011464 0.011464 0.011464 0.011464 0.011464 0.011464 0.011464 0.011464 0.011464 0.011464 0.011464 0.011464 ACO Tax Rate Incremental Property Tax Rates Combined Rate 0.013185 0.014775 0.014244 0.012474 0.011533 0.011533 0.011533 0.011533 0.011533 0.011533 0.011533 0.011533 0.011533 0.011533 0.011533 0.011533 0.011533 0.011533 0.011533 ACQ Tax Rate Incremental Property Tax Rates Combined Rate 0.012715 0.014298 0.013791 0.012055 0.011168 0.011168 0.011168 0.011168 0.011168 0.011168 0.011168 0.011168 0.011168 0.011168 0.011168 0.011168 0.011168 0.011168 0.011168 Tax Increment - 1,228,264 1,501,818 1,420,007 1,998,460 2,002,262 2,002,262 2,002,262 2,002,262 2,002,262 2,002,262 2,002,262 2,002,262 2,002,262 2,002,262 2,002,262 2,002,262 2,002,262 2,002,262 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 284,151 347,991 619,099 579,417 722,949 726,180 726,180 726,180 726,180 726,180 726,180 726,180 726,180 726,180 726,180 726,180 726,180 726,180 726,180 ACO Tax Increment Final Increment to Agency 329,653 581,092 568,975 558,025 847,282 849,082 849,082 849,082 849,082 849,082 849,082 849,082 849,082 849,082 849,082 849,082 849,082 849,082 849,082 ACQ Tax Increment Final Increment to Agency 53,529 1,416 (1,436) 25,409 26,548 26,548 26,548 26,548 26,548 26,548 26,548 26,548 26,548 26,548 26,548 26,548 26,548 26,548 PROJECT AREA BUDGET TOTALS REVENUES Total Property Tax Increment 977,069 982,611 1,189,492 1,136,006 1,595,640 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 26,346,499 Interest 20,081 4,161 1,000 - - - - - - - - - - - - - - - 5,161 EXPENDITURES TOTALS Increment Fund Administration Fee 39,083 - 47,580 45,273 63,826 64,072 64,072 64,072 64,072 64,072 64,072 64,072 64,072 64,072 64,072 64,072 64,072 64,072 64,072 1,053,693 Housing (20%) 195,414 196,522 237,898 226,264 319,128 320,362 320,362 320,362 320,362 320,362 320,362 320,362 320,362 320,362 320,362 320,362 320,362 320,362 320,362 5,268,363 Interfund Loan to City Center CRA 675,161 607,814 571,800 1,854,775 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 3,647,992 Contribution To/(From) Fund Balance 577,980 629,549 (7,877) 39,869 428,265 1,004,756 1,004,756 1,004,756 1,004,756 1,004,756 1,004,756 1,004,756 1,004,756 1,004,756 1,004,756 1,004,756 1,004,756 1,004,756 1,004,756 14,526,838 Total Expenditures 977,069 1,002,692 1,193,653 1,137,006 1,595,640 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 1,601,812 26,351,661 Note: The West Millcreek URA Project Area was originally created and administered by the Redevelopment Agency of Salt Lake County. In Year 4 of the Project Area (TY 2018/FY 2019), the Project Area was transferred to the Millcreek Community Reinvestment Agency. The Agency has administered the Project Area and received tax increment in its behalf since that time. The Multi-Year Budget covers the life of the Project Area from the time it was transferred to the Millcreek CRA through the end of the life of the Project Area (Year 4 – Year 22). ---PAGE BREAK--- Page I 16 MAP OF WEST MILLCREEK PROJECT AREA ---PAGE BREAK--- Page I 17 SECTION 3: MILLCREEK CENTER CRA Table 3.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA Developed 98.93 Undeveloped 6.07 Total 105 Mixed-Use Development ADO 0.011237 Creation Year Base Year Term Trigger Year Expiration Year 2019 2017 20 Years FY 2021 FY 2042 Base Value TY 2022 Value Increase FY 2023 Increment Remaining Life $130,666,124 $167,983,798 28.6% $346,760 17 Years The Millcreek Center Community Reinvestment Area was adopted to assist with the creation of a downtown within the City. The Millcreek City Commons is envisioned as a remarkable and unique walkable mixed-use lifestyle center that serves as an amenity and central gathering place for the City and its residents. 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. 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. 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. ---PAGE BREAK--- Page I 18 SOURCES OF FUNDS Table 3.3: Tax Increment Levels PARTICIPATION RATES Taxing Entity Percentage Years Salt Lake County (Library) 100% 22 Years Granite School District 80% 22 Years Millcreek City 80% 22 Years South Salt Lake Valley Mosquito Abatement District 80% 22 Years Mt. Olympus Improvement District 80% 22 Years Central Utah Water Conservancy District 75% 22 Years Unified Fire Service Area 80% 22 Years USES OF FUNDS Table 3.2: Sources of Funds FY 2023 SOURCES OF FUNDS Property Tax Increment $346,760 Rents & Leases 1,200 Interest 343 Loan Proceeds 571,800 Miscellaneous Income - Total Sources of Funds $920,103 Table 3.4: Uses of Funds FY 2023 USES OF FUNDS Agency Administration $17,338 Housing 52,014 Salt Lake County Mitigation Payment 17,881 Professional Services 1,500 Debt Service Payment 721,800 Land Purchase - Miscellaneous 1,944 Contribution To/(From) Fund Balance 107,626 Total Uses of Funds $920,103 ---PAGE BREAK--- Page I 19 PROJECT AREA REPORTING AND ACCOUNTABILITY COMPARISON OF FORECASTED AND ACTUAL TAX INCREMENT Table 3.5: Realization of Tax Increment REALIZATION OF TAX INCREMENT ACTUAL FORECASTED % OF PROJECTION TAX INCREMENT GENERATED IN PROJECT AREA Property Tax Increment – FY 2023 $346,760 $889,701 38.97% The primary reason for the variance between forecasted and actual revenues is due to delays in various construction projects due to the COVID-19 pandemic. RELATIVE GROWTH IN ASSESSED VALUE Table 3.6: Growth in Assessed Value GROWTH IN ASSESSED VALUE CURRENT YEAR COMPARISON YEAR GROWTH RATE AAGR ASSESSED VALUES IN PROJECT AREA Annual Growth in Project Area (2022 vs. 2021) $167,983,798 $145,036,614 15.8% 15.8% Lifetime Growth in Project Area (2020 vs. Base) $167,983,798 $130,666,124 28.6% 5.2% ASSESSED VALUES IN MILLCREEK CITY Annual Growth in Millcreek (2022 vs. 2021) $8,426,692,097 $6,799,993,007 23.9% 23.9% Project Area Life Growth in Millcreek (2022 vs. 2017) $8,426,692,097 $4,953,798,964 70.1% 11.2% BENEFITS DERIVED BY PARTICIPATING TAXING ENTITIES As shown in Table 3.8 below, current annual tax increment revenues in the Project Area are 23.6% 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 11.3% 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. Table 3.7: Benefits to Taxing Entities BENEFITS TO TAXING ENTITIES -Increased jobs -Increased tax base -Increase in quality of life and public amenities ---PAGE BREAK--- Page I 20 GROWTH IN PROPERTY TAX INCREMENT Table 3.8: Growth in Tax Increment GROWTH IN TAX INCREMENT ORIGINAL BUDGET REVENUES ACTUAL REVENUE BASE YEAR VALUE REVENUES % OF BASE TAX INCREMENT FROM PROJECT AREA Fiscal Year 2023 $889,701 $346,760 $1,468,295 23.6% Lifetime Revenue (2021-2023) $2,091,204 $548,644 $4,867,574 11.3% PASS THROUGH INCREMENT (ABOVE BASE) Fiscal Year 2023 $236,455 $96,381 $1,468,295 6.6% Lifetime Revenue (2021-2023) $555,778 $147,289 $4,867,574 3.0% 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 ---PAGE BREAK--- Page I 21 FORECASTED PROJECT AREA BUDGET UPDATE The multi-year budget attached to this document and summarized below displays revenue in the fiscal year received rather than the calendar year collected. Table 3.9: Project Area Budget PROJECT AREA BUDGET FY 2024-2042 REVENUES TOTALS Increment $25,122,317 Total Revenue $25,122,317 EXPENDITURES TOTALS RDA Administration $1,256,116 Housing 3,768,348 Salt Lake County Mitigation Payment 1,240,318 Redevelopment Activities 18,857,536 Total Expenditures $25,122,317 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 2023 Annual Report. PROJECT AREA ANNUAL AND MULTI-YEAR BUDGETS The following sheets represent the FY 2023, FY 2024, FY 2025, as well as a multi-year budget from 2021 through 2042. ---PAGE BREAK--- Page I 22 2023 Annual Budget Tax Year 2022 Payment Year 2023 REVENUE: TAXABLE VALUATION: Real Property 160,361,535 $ Centrally Assessed 1,042,521 $ Personal Property 6,579,742 Total Assessed Value 167,983,798 $ Less: Base Year Value (130,666,124) $ Incremental Assessed Value 37,317,674 $ Tax Rate: Combined Rate 0.011237 Salt Lake County 100% Central Utah Water Conservancy District 75% All Other Entities 80% TAX INCREMENT REVENUES Tax Increment Calculated: 353,895 $ County Auditor Adjustments: (7,135) $ Total Tax Increment: 346,760 $ TOTAL REVENUES Tax Increment 346,760 $ Interest 343 Rents & Leases 1,200 Loan Proceeds 571,800 Miscellaneous Income - Total Revenues To Agency 920,103 $ EXPENDITURES: Administration Fee 17,338 $ Housing (15%) 52,014 Salt Lake County Mitigation Payment 17,881 Professional Services 1,500 Debt Service Payment 721,800 Land Purchase - Miscellaneous 1,944 Contribution To/(From) Fund Balance (Redevelopment Activities) 107,626 TOTAL EXPENDITURES 920,103 $ Millcreek City - Millcreek Center CRA ---PAGE BREAK--- Page I 23 2024 Annual Budget Tax Year 2023 Payment Year 2024 REVENUE: TAXABLE VALUATION: Real Property 180,361,535 $ Centrally Assessed 1,042,521 $ Personal Property 6,579,742 Total Assessed Value 187,983,798 $ Less: Base Year Value (130,666,124) $ Incremental Assessed Value 57,317,674 $ Tax Rate: Combined Rate 0.011237 Salt Lake County 100% Central Utah Water Conservancy District 75% All Other Entities 80% TAX INCREMENT REVENUES Tax Increment Calculated: 535,490 $ County Auditor Adjustments: - $ Total Tax Increment: 535,490 $ TOTAL REVENUES Tax Increment 535,490 $ Interest - Rents & Leases - Loan Proceeds - Miscellaneous Income - Total Revenues To Agency 535,490 $ EXPENDITURES: Administration Fee 26,775 $ Housing (15%) 80,324 Salt Lake County Mitigation Payment 26,438 Professional Services - Debt Service Payment - Land Purchase - Miscellaneous - Contribution To/(From) Fund Balance (Redevelopment Activities) 401,955 TOTAL EXPENDITURES 535,490 $ Millcreek City - Millcreek Center CRA ---PAGE BREAK--- Page I 24 2025 Annual Budget Tax Year 2024 Payment Year 2025 REVENUE: TAXABLE VALUATION: Real Property 200,361,535 $ Centrally Assessed 1,042,521 $ Personal Property 6,579,742 Total Assessed Value 207,983,798 $ Less: Base Year Value (130,666,124) $ Incremental Assessed Value 77,317,674 $ Tax Rate: Combined Rate 0.011237 Salt Lake County 100% Central Utah Water Conservancy District 75% All Other Entities 80% TAX INCREMENT REVENUES Tax Increment Calculated: 722,340 $ County Auditor Adjustments: - $ Total Tax Increment: 722,340 $ TOTAL REVENUES Tax Increment 722,340 $ Interest - Rents & Leases - Loan Proceeds - Miscellaneous Income - Total Revenues To Agency 722,340 $ EXPENDITURES: Administration Fee 36,117 $ Housing (15%) 108,351 Salt Lake County Mitigation Payment 35,663 Professional Services - Debt Service Payment - Land Purchase - Miscellaneous - Contribution To/(From) Fund Balance (Redevelopment Activities) 542,210 TOTAL EXPENDITURES 722,340 $ Millcreek City - Millcreek Center CRA ---PAGE BREAK--- Page I 25 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 134,167,998 137,722,841 160,361,535 180,361,535 200,361,535 220,361,535 240,361,535 260,361,535 280,361,535 280,361,535 280,361,535 280,361,535 280,361,535 280,361,535 280,361,535 280,361,535 280,361,535 280,361,535 280,361,535 280,361,535 280,361,535 280,361,535 Centrally Assessed 530,105 510,118 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 1,042,521 Personal Property - 6,803,655 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 6,579,742 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 57,317,674 77,317,674 97,317,674 117,317,674 137,317,674 157,317,674 157,317,674 157,317,674 157,317,674 157,317,674 157,317,674 157,317,674 157,317,674 157,317,674 157,317,674 157,317,674 157,317,674 157,317,674 157,317,674 TAX INCREMENT ANALYSIS ACM Tax Rate Incremental Property Tax Rates Combined Rate 0.013878 0.012137 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 0.011237 Tax Increment 55,956 186,260 425,260 644,079 868,819 1,093,559 1,318,299 1,543,039 1,767,779 1,767,779 1,767,779 1,767,779 1,767,779 1,767,779 1,767,779 1,767,779 1,767,779 1,767,779 1,767,779 1,767,779 1,767,779 1,767,779 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 46,568 155,316 353,895 535,490 722,340 909,190 1,096,040 1,282,890 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 County Auditor Adjustment - - (7,135) - - - - - - - - - - - - - - - - - - - Final Increment to Agency 46,568 155,316 346,760 535,490 722,340 909,190 1,096,040 1,282,890 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 PROJECT AREA BUDGET TOTALS REVENUES Total Property Tax Increment 46,568 155,316 346,760 535,490 722,340 909,190 1,096,040 1,282,890 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 25,670,961 Rents & Leases 10,514 3,640 1,200 15,354 Interest 19,625 52 343 20,020 Loan Proceeds 675,161 607,814 571,800 1,854,775 Miscellaneous Income 3,358 1,295,764 - 1,299,122 Total Revenues 755,226 2,062,586 920,103 535,490 722,340 909,190 1,096,040 1,282,890 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 28,860,232 EXPENDITURES Increment Fund TOTALS Administration Fee 2,328 7,766 17,338 26,775 36,117 45,460 54,802 64,145 73,487 73,487 73,487 73,487 73,487 73,487 73,487 73,487 73,487 73,487 73,487 73,487 73,487 73,487 1,283,548 Housing (15%) 6,985 23,297 52,014 80,324 108,351 136,379 164,406 192,434 220,461 220,461 220,461 220,461 220,461 220,461 220,461 220,461 220,461 220,461 220,461 220,461 220,461 220,461 3,850,644 Salt Lake County Mitigation Payment 2,351 8,225 17,881 26,438 35,663 44,888 54,113 63,338 72,563 72,563 72,563 72,563 72,563 72,563 72,563 72,563 72,563 72,563 72,563 72,563 72,563 72,563 1,268,774 Professional Services 933,342 14,690 1,500 - - - - - - - - - - - - - - - - - - - 949,532 Debt Service Payment 721,729 721,797 721,800 - - - - - - - - - - - - - - - - - - - 2,165,326 Land Purchase 6,219,838 - - - - - - - - - - - - - - - - - - - - - 6,219,838 Miscellaneous 15,532 3,835 1,944 - - - - - - - - - - - - - - - - - - - 21,311 Contribution To/(From) Fund Balance (Redevelopment Activities) (7,146,879) 1,282,976 107,626 401,955 542,210 682,465 822,720 962,975 1,103,230 1,103,230 1,103,230 1,103,230 1,103,230 1,103,230 1,103,230 1,103,230 1,103,230 1,103,230 1,103,230 1,103,230 1,103,230 1,103,230 13,101,259 Total Expenditures 755,226 2,062,586 920,103 535,490 722,340 909,190 1,096,040 1,282,890 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 1,469,740 28,860,232 ---PAGE BREAK--- Page I 26 MAP OF MILLCREEK CENTER PROJECT AREA ---PAGE BREAK--- Page I 27 SECTION 4: OLYMPUS HILLS CRA Table 4.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA 42 Mixed-Use Development TBD NA Creation Year Base Year Term Trigger Year Expiration Year 2018 TBD TBD TBD TBD Base Value TY 2022 Value Increase FY 2023 Increment Remaining Life TBD NA NA NA TBD The Olympus Community Reinvestment Area was created to attract a corporate headquarters or hotel into the unique Project Area location. The Project Area was created in 2018 and is governed by the Olympus Hills Community Reinvestment Area Project Area Plan. The Agency is in the process of negotiating the terms and conditions of the Project Area, which will be negotiated and outlined in the yet to be adopted interlocal agreements with the various taxing entities within the Project Area. ---PAGE BREAK--- Page I 28 SECTION 5: CANYON RIM COMMONS CRA Table 5.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA 75 Mixed-Use Development TBD NA Creation Year Base Year Term Trigger Year Expiration Year 2018 TBD TBD TBD TBD Base Value TY 2022 Value Increase FY 2023 Increment Remaining Life TBD NA NA NA TBD The Canyon Rim Commons Reinvestment Area was created to assist with the redevelopment of a critical corridor within Millcreek. One of the goals of the Project Area will be to assist with land assemblage to support commercial development and multi-family housing along the corridor. The Project Area was created in 2018 and is governed by the Canyon Rim Commons Community Reinvestment Area Project Area Plan. The Agency is in the process of negotiating the terms and conditions of the Project Area, which will be negotiated and outlined in the yet to be adopted interlocal agreements with the various taxing entities within the Project Area. ---PAGE BREAK--- Page I 29 SECTION 6: WOODLAND AVENUE CRA Table 6.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA Developed 5.35 Undeveloped 0.00 Total 5.35 Mixed-Use Development TBD NA Creation Year Base Year Term Trigger Year Expiration Year 2021 2020 20 Years FY 2024 FY 2043 Base Value TY 2022 Value Increase FY 2023 Increment Remaining Life $8,244,900 NA NA NA 20 Years The Woodland Avenue Reinvestment Area was created to assist with the creation of a downtown within the City. The Millcreek City Commons is envisioned as a remarkable and unique walkable mixed-use lifestyle center that serves as an amenity and central gathering place for the City and its residents. Annexed into Millcreek in 2020, this 5.35-acre Project Area will be part of the new downtown, as it is surrounded by the Millcreek Center CRA. The Project Area was created in 2021 and is governed by the Woodland Avenue Community Reinvestment Area Project Area Plan. The Agency 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 for this Project Area will be triggered in TY 2023, with the first payment to the Agency coming in FY 2024. ---PAGE BREAK--- Page I 30 SECTION 7: MEDTECH CRA Table 7.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA 91 Commercial Development TBD NA Creation Year Base Year Term Trigger Year Expiration Year 2021 2019 20 Years No Later Than TY 2025 TBD Base Value TY 2022 Value Increase FY 2023 Increment Remaining Life $150,218,100 NA NA NA 20 Years The Medtech Reinvestment Area was created to enable the development of a new medical tower with an enhanced façade at St Mark’s Hospital and influence redevelopment of commercial and office space around the hospital. Without the assistance of the Project Area, specific financial hurdles would not be overcome, and the project would not be developed for the foreseeable future. The Project Area was created in 2021 and is governed by the Medtech Community Reinvestment Area Project Area Plan. The Agency adopted the interlocal agreements for the Project Area in April of 2021.