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Annual Report November 1, 2018 Overview of Project Areas Active Project Areas The Agency currently manages these two active project areas: 1. Magna Arbor Park Urban Renewal Area 2. Magna Main Street Community Development Area The Agency also created the West Millcreek Urban Renewal Area, which has now been transferred to the Millcreek Community Reinvestment Agency. However, the Agency agreed to provide the annual report for the West Millcreek Urban Renewal Area, so information on that project area is also included in this report for the benefit of the Millcreek Community Reinvestment Agency. Other Related Areas The Agency also created, in 2016, the Magna Commerce Park Community Development Area, by adopting a project area plan. Tax increment funding was never put in place. The property within the area is now within the boundaries of the Utah Inland Port Authority; that entity will guide the future development of the property. The Agency does not presently intend to pursue tax increment funding. A map of this area appears at the end of this report. On August 9, 2016, the Governing Board of the Agency adopted a resolution designating a survey area for the proposed Kearns Community Campus Reinvestment Area. That same survey area was also declared, by resolution of the Kearns Metro Township Council adopted on October 8, 2018, the Kearns Town Center Economic Development Zone. The Agency has not yet formally adopted a community reinvestment project area plan in the survey area, and has likewise not yet secured any tax increment funding for the proposed project area. A map of the survey area appears at the end of this report. Also noteworthy is the status of the Magna West Main Street Redevelopment Area. The newer Magna Main Street Community Development Area overlaps all of the boundaries of the Magna West Main Street Redevelopment Area. The Agency has elected to collect tax increment under the newer Magna Main Street Community Development Area, so the former Magna West Main Street Redevelopment Area is effectively terminated. The Agency will not collect any additional tax increment from the Magna West Main Street Redevelopment Area. 2018 Annual Report Page ! of ! 1 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- EXECUTIVE SUMMARY OF ACTIVE PROJECT AREAS Magna Main Street CDA Magna Arbor Park URA West Millcreek URA Base Year 2012 Tax Increment Trigger Year 2018 Base Year Value $30,060,049 2018 Estimated Assessed Value $52,689,090 2018 Estimated Tax Increment to Agency $294,430 Base Year 2008 Tax Increment Trigger Year 2015 Base Year Value $22,256,834 2018 Estimated Assessed Value $42,501,412 2018 Estimated Tax Increment to Agency $306,221 Base Year 2009 Tax Increment Trigger Year 2015 Base Year Value $112,484,802 2018 Estimated Assessed Value $166,101,700 2018 Estimated Tax Increment to Agency (Millcreek Agency) $725,591 2018 Annual Report Page ! of ! 2 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- MAGNA MAIN STREET COMMUNITY DEVELOPMENT AREA Overview The Magna Main Street Community Development Area was created in 2013. The project area boundaries overlap the former Magna West Main Street Redevelopment Area, plus add some additional land that was not included in that former project area. This is the first year of tax increment collection in the new project area. The project area covers 132 acres. The tax increment collection period is ten years, with the Agency receiving 80% of tax increment during that time, while the remaining 20% is passed through to the taxing entities. Some taxing entities have instituted “caps” on tax increment, while others have not. Taxing entities that levy or impose a tax within the project area include Salt Lake County, Granite School District, Jordan Valley Water Conservancy District, Magna Water District, Magna Mosquito Abatement District, Central Utah Water Conservancy District, Salt Lake County Municipal Services District, Unified Fire Service Area, Salt Lake Valley Law Enforcement Service Area, and Salt Lake County Library Services. The primary benefit experienced, or expected to be experienced, by the participating taxing entities is increased property tax revenue due to increased assessed values. The most significant benefit to the taxing entities will be realized when tax increment collection by the Agency ends. At that point the taxing entities will receive property tax revenue based on the full assessed value in the project area. Until then, though, the taxing entities receive 20% of tax increment. It is anticipated that assessed values in the project area will experience significantly higher growth rates than other non-project-area portions of Salt Lake County. Assessment of Change in Marginal Value Base Year Value $30,060,049 2017 Assessed Value $51,154,460 2018 Estimated Assessed Value $52,689,090 % Change Assessed Value (2017 to 2018) 3.0% % Change Assessed Value (Base Year to 2018) 70.17% Ave. Annual Change Assessed Value (Base Year to 2018) 11.22% The base year is 2012. The increase in assessed value is attributable primarily to new construction in the project area, including the Oquirrh Hills Apartments. Project Area Funds - Historical Collections This is the first year of collection for this project area. In its budget projections, the Agency estimated $312,822 in tax increment receipts for the tax year 2018. The Agency currently estimates receiving $294,430 in tax increment for the 2018 tax year, which is $18,392 less than forecasted. Current and Anticipated Project Area Development In 2014, the Agency entered into a Tax Increment Reimbursement Agreement with Oquirrh Hills Apartments, LLC, relating to the construction of a 288 unit market-rate apartment complex. The Agency agreed to reimburse the 2018 Annual Report Page ! of ! 3 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- developer, via payment to the developer’s manager, for up to $850,000 in eligible project development costs, in order to make the project financially viable. Eligible costs for reimbursement are described in the agreement, but in general include site remediation, secondary water improvements, and landscaping improvements and upgrades. Photos of the Oquirrh Hills apartments appear on page 17 below. A nonprofit bicycle repair shop operates on County owned property within the project area. The County leases the property to the nonprofit free of charge, although the operator agrees to maintain the property as consideration for the lease. A photo of this bike shop appears on page 18 below. The current status of the project area is as follows: Total Developed Acreage 89.1 Total Undeveloped Acreage 99.1 Percent of Residential Development 71% Total Number of Housing Units 652 Project Area Funds - Current/Estimated The Agency received no tax increment the tax year 2017. 2018 is the trigger year, meaning the first year of tax increment collection from the project area. The Agency estimates receiving tax increment in the amount of $294,430 for the tax year 2018. Project Area Map 2018 Annual Report Page ! of ! 4 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY CYPRUS LN 8400 W PONCH O L N P ATRI CIA DR 8560 W 2700 S 9100 W APR IL R D BREEZE DR CO P PE RTR E E LN 8900 W 8650 W 2600 S MAGNA MAIN ST 2810 S 29 00 S 2820 S AUTOSOME LN 2800 S 2820 S 288 0 S 2760 S DORA ST 2800 S ZIRC O NIUM DR 2910 S 2900 S TITANIU M DR 2900 S 8750 W 9150 W WIKIUP LN 8490 W BUCCANEER DR 8 2 00 W 9050 W 8950 W 9000 W WESTER N D R HIBLE R DR 9200 W 9130 W 9080 W 9040 W 8990 W 8950 W 8850 W 8800 W 8550 W SPENCER AVE GOSHIP LN MERTON WAY 8500 W U-201 E B HWY 8 590 W 9180 W Magna Main Street CDA The information depicted on this map is not field verified and is for general reference only. The information is not intended to be used to determine property ownership, final building and site design, jurisdictional boundaries, or to replace a certified topographical or boundary survey, or any other legal document. In Conjunction with the Offices of: Salt Lake County Assessor Salt Lake County Clerk Salt Lake County Council Salt Lake County Mayor Salt Lake County Recorder 10/19/2018 Prepared By The Office Of: REID J. DEMMAN P.L.S. Salt Lake County Surveyor 2001 S. State N1 400 SLC, UT 84114-4575 [PHONE REDACTED] slco.org/surveyor Legend Magna Main Street CDA Project Area Parcels ---PAGE BREAK--- Project Area Budget (Magna Main Street CDA) 2018 Annual Report Page ! of ! 5 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY Taxable Value Project Year 0 1 2 3 4 5 6 7 8 9 10 11 12 Increment Year 1 2 3 4 5 6 7 8 9 10 Investment $0 $4,950,277 $2,790,278 $11,455,664 $1,132,000 $1,158,015 $1,184,629 $1,211,854 $1,239,704 $1,268,195 $1,297,340 $1,327,156 Incremental Value $0 $4,950,277 $7,740,555 $19,196,220 $20,328,220 $21,486,235 $22,670,864 $23,882,718 $25,122,422 $26,390,617 $27,687,957 $29,015,113 Total Value $30,060,049 $30,060,049 $35,010,326 $37,800,604 $49,256,269 $50,388,269 $51,546,284 $52,730,913 $53,942,767 $55,182,471 $56,450,666 $57,748,006 $59,075,162 Projected Total Tax Increment Year 2012* 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Project Year 1 2 3 4 5 6 7 8 9 10 11 12 Increment Year 1 2 3 4 5 6 7 8 9 10 Salt Lake County 83,958 $ 21,619 $ 53,615 $ 56,777 $ 60,011 $ 63,320 $ 66,704 $ 70,167 $ 73,709 $ 77,332 $ 81,039 $ 624,294 $ Granite School District 215,410 $ 55,469 $ 137,560 $ 145,672 $ 153,970 $ 162,459 $ 171,144 $ 180,027 $ 189,115 $ 198,412 $ 207,922 $ 1,601,751 $ Magna Mosquito Abatement Dist. 1,623 $ 418 $ 1,037 $ 1,098 $ 1,160 $ 1,224 $ 1,290 $ 1,357 $ 1,425 $ 1,495 $ 1,567 $ 12,070 $ Jordan Valley Water Conservancy District 13,317 $ 3,429 $ 8,504 $ 9,005 $ 9,518 $ 10,043 $ 10,580 $ 11,129 $ 11,691 $ 12,266 $ 12,854 $ 99,020 $ Magna Water District 90,691 $ 23,353 $ 57,915 $ 61,330 $ 64,824 $ 68,398 $ 72,054 $ 75,794 $ 79,620 $ 83,535 $ 87,539 $ 674,363 $ Central Utah Water Conservancy District 13,677 $ 3,522 $ 8,734 $ 9,249 $ 9,776 $ 10,315 $ 10,867 $ 11,431 $ 12,008 $ 12,598 $ 13,202 $ 101,702 $ SL Co Special Services District #1 - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ SL Co. Municipal Services District 2,255 $ 581 $ 1,440 $ 1,525 $ 1,611 $ 1,700 $ 1,791 $ 1,884 $ 1,979 $ 2,077 $ 2,176 $ 16,764 $ SL Valley Fire Service Area 62,495 $ 16,093 $ 39,909 $ 42,262 $ 44,670 $ 47,133 $ 49,652 $ 52,230 $ 54,866 $ 57,563 $ 60,322 $ 464,700 $ SL Valley Law Enforcement Service Area 60,090 $ 15,473 $ 38,373 $ 40,636 $ 42,951 $ 45,319 $ 47,742 $ 50,220 $ 52,755 $ 55,348 $ 58,001 $ 446,818 $ SL Co. Library 18,848 $ 4,853 $ 12,036 $ 12,746 $ 13,472 $ 14,215 $ 14,974 $ 15,752 $ 16,547 $ 17,360 $ 18,192 $ 140,148 $ Total 562,363 $ 144,810 $ 359,123 $ 380,300 $ 401,964 $ 424,127 $ 446,798 $ 469,990 $ 493,716 $ 517,986 $ 542,815 $ 4,181,629 $ Projected Pass Through Project Year Increment Year Salt Lake County 4,324 $ 10,723 $ 11,355 $ 12,002 $ 12,664 $ 13,341 $ 14,033 $ 14,742 $ 15,466 $ 16,208 $ 124,859 $ Granite School District 11,094 $ 27,512 $ 29,134 $ 30,794 $ 32,492 $ 34,229 $ 36,005 $ 37,823 $ 39,682 $ 41,584 $ 320,350 $ Magna Mosquito Abatement Dist. 418 $ 1,037 $ 1,098 $ 1,160 $ 1,224 $ 1,290 $ 1,357 $ 1,425 $ 1,495 $ 1,567 $ 12,070 $ Jordan Valley Water Conservancy District 686 $ 1,701 $ 1,801 $ 1,904 $ 2,009 $ 2,116 $ 2,226 $ 2,338 $ 2,453 $ 2,571 $ 19,804 $ Magna Water District 4,671 $ 11,583 $ 12,266 $ 12,965 $ 13,680 $ 14,411 $ 15,159 $ 15,924 $ 16,707 $ 17,508 $ 134,873 $ Central Utah Water Conservancy District 3,522 $ 8,734 $ 9,249 $ 9,776 $ 10,315 $ 10,867 $ 11,431 $ 12,008 $ 12,598 $ 13,202 $ 101,702 $ SL Co Special Services District #1 - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ SL Co. Municipal Services District 116 $ 288 $ 305 $ 322 $ 340 $ 358 $ 377 $ 396 $ 415 $ 435 $ 3,353 $ SL Valley Fire Service Area 3,219 $ 7,982 $ 8,452 $ 8,934 $ 9,427 $ 9,930 $ 10,446 $ 10,973 $ 11,513 $ 12,064 $ 92,940 $ SL Valley Law Enforcement Service Area 3,095 $ 7,675 $ 8,127 $ 8,590 $ 9,064 $ 9,548 $ 10,044 $ 10,551 $ 11,070 $ 11,600 $ 89,364 $ SL Co. Library 971 $ 2,407 $ 2,549 $ 2,694 $ 2,843 $ 2,995 $ 3,150 $ 3,309 $ 3,472 $ 3,638 $ 28,030 $ Total 32,114 $ 79,641 $ 84,338 $ 89,142 $ 94,057 $ 99,085 $ 104,228 $ 109,489 $ 114,872 $ 120,378 $ 927,344 $ Projected Increment to RDA Project Year Increment Year Salt Lake County 17,295 $ 42,892 $ 45,421 $ 48,009 $ 50,656 $ 53,364 $ 56,134 $ 58,967 $ 61,866 $ 64,831 $ 499,435 $ Granite School District 44,375 $ 110,048 $ 116,538 $ 123,176 $ 129,968 $ 136,915 $ 144,022 $ 151,292 $ 158,730 $ 166,338 $ 1,281,401 $ Magna Mosquito Abatement Dist. - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Jordan Valley Water Conservancy District 2,743 $ 6,803 $ 7,204 $ 7,615 $ 8,035 $ 8,464 $ 8,903 $ 9,353 $ 9,813 $ 10,283 $ 79,216 $ Magna Water District 18,683 $ 46,332 $ 49,064 $ 51,859 $ 54,718 $ 57,643 $ 60,635 $ 63,696 $ 66,828 $ 70,031 $ 539,490 $ Central Utah Water Conservancy District - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ SL Co Special Services District #1 - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ SL Co. Municipal Services District 464 $ 1,152 $ 1,220 $ 1,289 $ 1,360 $ 1,433 $ 1,507 $ 1,583 $ 1,661 $ 1,741 $ 13,411 $ SL Valley Fire Service Area 12,874 $ 31,927 $ 33,810 $ 35,736 $ 37,706 $ 39,722 $ 41,784 $ 43,893 $ 46,051 $ 48,258 $ 371,760 $ SL Valley Law Enforcement Service Area 12,379 $ 30,699 $ 32,509 $ 34,361 $ 36,255 $ 38,193 $ 40,176 $ 42,204 $ 44,279 $ 46,401 $ 357,455 $ SL Co. Library 3,883 $ 9,629 $ 10,197 $ 10,777 $ 11,372 $ 11,980 $ 12,601 $ 13,238 $ 13,888 $ 14,554 $ 112,118 $ Total 112,696 $ 279,482 $ 295,963 $ 312,822 $ 330,070 $ 347,713 $ 365,762 $ 384,226 $ 403,115 $ 422,437 $ 3,254,286 $ Taxing Entity Participation Rate CDA Participation Pass Through Salt Lake County 0.002793 80% 20% Granite School District 0.007166 80% 20% Magna Mosquito Abatement Dist. 0.000054 0% 100% Jordan Valley Water Conservancy District 0.000443 80% 20% Magna Water District 0.003017 80% 20% Central Utah Water Conservancy District 0.000455 0% 100% SL Co Special Services District #1 0 0% 100% SL Co. Municipal Services District 0.000075 80% 20% SL Valley Fire Service Area 0.002079 80% 20% SL Valley Law Enforcement Service Area 0.001999 80% 20% SL Co. Library 0.000627 80% 20% Total 0.018708 ---PAGE BREAK--- MAGNA ARBOR PARK URBAN RENEWAL AREA Overview The Agency created this project area in 2009, and later adopted an amended project area budget and project area plan on October 2, 2012. The base year is 2008. The first year of tax increment collection was 2015. Tax increment will be collected for a period of 15 years under the project area budget. Taxing entities that levy or impose a tax within the project area include Salt Lake County, Granite School District, Jordan Valley Water Conservancy District, Magna Water District, Magna Mosquito Abatement District, Central Utah Water Conservancy District, Salt Lake County Municipal Services District, Unified Fire Service Area, Salt Lake Valley Law Enforcement Service Area, and Salt Lake County Library Services. Tax increment is allocated on a sliding scale over the life of the project area, as follows: Collection years 1-5: 90% to Agency, 10% to taxing entities; Collection years 6-10: 85% to Agency, 15% to taxing entities; Collection years 11-15: 80% to Agency, 20% to taxing entities. The primary benefit experienced, or expected to be experienced, by the participating taxing entities is increased property tax revenue due to increased assessed values. The most significant benefit to the taxing entities will be realized when tax increment collection by the Agency ends. At that point the taxing entities will receive property tax revenue based on the full assessed value in the project area. Until then, though, the taxing entities receive 10-20% of tax increment (with the range according to the schedule shown). It is anticipated that assessed values in the project area will experience significantly higher growth rates than other non-project-area portions of Salt Lake County. Assessment of Change in Marginal Value Base Year Value $22,256,834 2017 Assessed Value $41,263,507 2018 Estimated Assessed Value $42,501,412 % Change Assessed Value (2017 to 2018) 2.65% % Change Assessed Value (Base Year to 2018) 85.40% Ave. Annual % Change Assessed Value (Base Year to 2018) 7.10% The base year is 2008. Since the base year, the growth in assessed value is primarily a result of the Arbor Park Associates development. The increase in assessed value since 2017 appears to be based primarily on appreciation, as no significant development projects have been reappraised in the project area during that time. 2018 Annual Report Page ! of ! 6 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- Project Area Funds - Historical Collections Current and Anticipated Project Area Development In 2012, the Agency and Arbor Park Associates, L.C., entered into a Tax Increment Reimbursement Agreement under which the Agency agreed to reimburse the developer for up to $2,000,000 of eligible project costs – including demolition and installation of infrastructure and site improvements for commercial, medical, institutional, medium-density housing, and office land uses. Reimbursement is conditional on the Agency receiving sufficient tax increment revenues, and is also subordinate to the Agency administration fee the affordable housing allocation late taxes/fees, and a $10,128 annual waterline replacement levy. In 2015, the Agency executed a $250,000 Loan Agreement with Arbor Park Associates at a 3 percent interest rate over a five-year term to finance commercial building improvements for Alorica, an existing tenant in the project area. Repayment commenced in 2016. The developer’s repayment obligations under the Loan Agreement are offset against any tax increment payments due from the Agency under the Tax Increment Reimbursement Agreement. Photos of the Arbor Park project are are included on page 19 below. The current status of the project area is as follows: Total Developed Acreage 39.8 Total Undeveloped Acreage 1.2 Percent of Residential Development 30 Total Number of Housing Units 23 Tax Year Tax Increment Received by the Agency Budget/Forecasted Difference (Actual less forecasted) 2015 $151,419 $155,771 ($4,352) 2016 $214,467 $176,041 $38,426 2017 $238,803 $200,311 $38,492 (Estimated) 2018 $306,221 $222,581 $83,640 2018 Annual Report Page ! of ! 7 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- Project Area Funds - Current/Estimated The Agency received tax increment in the amount of $238,803 from the project area for the tax year 2017. The Agency estimates receiving tax increment in the amount of $306,221 for the tax year 2018. Project Area Map 2018 Annual Report Page ! of ! 8 19 ARBOR PARK DR ELK MESA RD CHAND L ERY W AY 8530 W CATA L INA V IEW CV MYSTIC WAY CHANDLERY PL 3570 S MERRITON CT HARTWICK CT PLEASANT GR E EN DR 34 7 5 S AUTUMN GATE CT COUNTRY WEST DR OQUIRLA N E ST WEST B U R Y DR 8480 W 3450 S 3500 S ELK MOUNTAIN RD 82 8 0 W 8400 W 8525 W RULON ST H ELEN DR 8 1 50 W OQUIRRH HILLS D R ELK POINT DR AUGUSTA VIEW CV KINGSBUR G CV Magna Arbor Park URA The information depicted on this map is not field verified and is for general reference only. The information is not intended to be used to determine property ownership, final building and site design, jurisdictional boundaries, or to replace a certified topographical or boundary survey, or any other legal document. In Conjunction with the Offices of: Salt Lake County Assessor Salt Lake County Clerk Salt Lake County Council Salt Lake County Mayor Salt Lake County Recorder 10/18/2018 Prepared By The Office Of: REID J. DEMMAN P.L.S. Salt Lake County Surveyor 2001 S. State N1 400 SLC, UT 84114-4575 [PHONE REDACTED] slco.org/surveyor Legend Magna Arbor Park URA Project Area Parcels REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- Project Area Budget 2018 Annual Report Page ! of ! 9 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- WEST MILLCREEK URBAN RENEWAL AREA Overview The Agency created this project area in 2009. The base year is 2009. The first year of tax increment collection was 2015. Tax increment will be collected for a period of 20 years under the project area budget. The project area includes 184 acres of multi-residential, minor commercial, and light industrial uses. The URA 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 boundaries. The Agency receives 80% of the increment generated in this project area and the taxing entities received the remaining 20%. Taxing entities that levy or impose a tax within the project area include Salt Lake County, Granite School District, South Salt Lake Valley Mosquito Abatement District, Mt. Olympus Improvement District, Central Utah Water Conservancy District, Salt Lake County Municipal Services District, Unified Fire Service Area, Salt Lake Valley Law Enforcement Service Area, and Salt Lake County Library Services. The primary benefit experienced, or expected to be experienced, by the participating taxing entities is increased property tax revenue due to increased assessed values. The most significant benefit to the taxing entities will be realized when tax increment collection by the Agency ends. At that point the taxing entities will receive property tax revenue based on the full assessed value in the project area. Until then, though, the taxing entities receive 20% of tax increment. It is anticipated that assessed values in the project area will experience significantly higher growth rates than other non-project-area portions of Salt Lake County. Assessment of Change in Marginal Value Base Year Value $112,484,802 2017 Assessed Value $166,101,700 2018 Estimated Assessed Value $187,694,921 % Change Assessed Value (2017 to 2018) 13.0% % Change Assessed Value (Base Year to 2018) 47.67% Ave. Annual % Change Assessed Value (Base Year to 2018) 4.99% The base year is 2009. Since the base year, the growth in assessed value is primarily a result of the construction of Phase One of the Artesian Springs apartment complex. The increase in assessed value since 2017 appears to be based primarily on appreciation, as no significant development projects have been added to the tax roll during that time. *For purposes of this section on the Millcreek West URA, the term “Agency” means the Redevelopment Agency of Salt Lake County as applicable for any relevant time period before the project area was transferred to the Millcreek Community Reinvestment Agency, and the term “Agency” means the Millcreek Community Reinvestment Agency for any relevant time period after the project area was transferred. 2018 Annual Report Page ! of ! 10 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY* ---PAGE BREAK--- Project Area Funds - Historical Collections Current and Anticipated Project Area Development Two apartment developments are the primary project area development activity to have occurred in the project area. These include Phase One of the Artesian Springs apartment development, and the Bud Bailey apartment development. The Bud Bailey Apartments are 136 units of affordable housing, and are tax exempt. The plans for the Artesian Springs apartment complex consists of 378 units that are partially market rate and taxable, and partially affordable/subsidized housing that is tax exempt, constructed in three phases over time. The total expected capital cost for all three phases is $51,000,000. Under a Tax Increment Reimbursement Agreement between the Agency and Parleys Partners, LLC, the Agency agreed to reimburse the developer for certain eligible project development costs up to a maximum of $3,000,000. Eligible costs for reimbursement are outlined in the agreement but, in general, include environmental remediation, tower restoration, site work, and parking structure participation. The first reimbursement payment, in the amount of $93,224.62, was made under that agreement for tax increment paid for the tax year 2017. Reimbursement obligations of the Agency are divided up based on construction phasing. Photos of the Artesian Springs apartment complex appear on page 16 below. The current status of the project area is as follows: Total Developed Acreage 176 Total Undeveloped Acreage 8 Percent of Residential Development 4% Total Number of Housing Units 250 Project Area Funds - Current/Estimated The Agency received tax increment in the amount of $546,303 from the project area for the tax year 2017. The Agency estimates receiving tax increment in the amount of $725,591 for the tax year 2018. Tax Year Tax Increment Received by the Agency Budget/Forecasted Difference (Actual less forecasted) 2015 $73,498 $70,656 $2,842 2016 $193,112 $145,904 $47,208 2017 $546,303 $226,043 $320,260 (Estimated) 2018 $725,591 $311,391 $414,200 2018 Annual Report Page ! of ! 11 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- Project Area Map 2018 Annual Report Page ! of ! 12 19 TY TUS D R BIRKHILL BLVD 300 E GORDO N LN 200 E MAIN ST STATE ST WEST TEMPLE ST COMMERCE DR GILBRIDE AVE BE E B E LN JUMMER WAY 1 20 W B RICK OVEN WAY 4250 S COLUMBIA AVE ARTESIAN WELL LN HILL AVE PA R KHILL W A Y WESTON AVE 300 W 3900 S CENTRAL A VE GORDON AVE HOWICK ST West Millcreek URA The information depicted on this map is not field verified and is for general reference only. The information is not intended to be used to determine property ownership, final building and site design, jurisdictional boundaries, or to replace a certified topographical or boundary survey, or any other legal document. In Conjunction with the Offices of: Salt Lake County Assessor Salt Lake County Clerk Salt Lake County Council Salt Lake County Mayor Salt Lake County Recorder 10/19/2018 Prepared By The Office Of: REID J. DEMMAN P.L.S. Salt Lake County Surveyor 2001 S. State N1 400 SLC, UT 84114-4575 [PHONE REDACTED] slco.org/surveyor Legend West Millcreek URA Project Area Parcels REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- Project Area Budget (West Millcreek URA) 2018 Annual Report Page ! of ! 13 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- Map of Magna Commerce Park 2018 Annual Report Page ! of ! 14 19 THOREAU DR FETZER DR MARWARI RD OSHEA LN ATHENA DR 7200 W RIPLEY CT MINESIDE DR HARDMAN CV U-201 WB HWY BEAGLEY LN MILLARD CV SHAGYA CIR CASTLEBAR LN SHEVA CIR DEMETER DR MAIA CIR TARPAN RD SORRAIA CIR 8000 W GOGARTY CT COPPERVIEW DR HUMANITY CV ISIS CIR CA M RON G L EN DR Noyack Rd Magna Commerce Park The information depicted on this map is not field verified and is for general reference only. The information is not intended to be used to determine property ownership, final building and site design, jurisdictional boundaries, or to replace a certified topographical or boundary survey, or any other legal document. In Conjunction with the Offices of: Salt Lake County Assessor Salt Lake County Clerk Salt Lake County Council Salt Lake County Mayor Salt Lake County Recorder 10/19/2018 Prepared By The Office Of: REID J. DEMMAN P.L.S. Salt Lake County Surveyor 2001 S. State N1 400 SLC, UT 84114-4575 [PHONE REDACTED] slco.org/surveyor Legend Magna Commerce Park Project Area Parcels REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- Map of Kearns Town Center 2018 Annual Report Page ! of ! 15 19 4170 W 4120 W 4270 W 4015 W 4280 W 4220 W 5400 S 4320 W 5415 S 5500 S 5460 S 5375 S 5335 S 5295 S 4140 W 5345 S SAMS BLVD Kearns Town Center The information depicted on this map is not field verified and is for general reference only. The information is not intended to be used to determine property ownership, final building and site design, jurisdictional boundaries, or to replace a certified topographical or boundary survey, or any other legal document. In Conjunction with the Offices of: Salt Lake County Assessor Salt Lake County Clerk Salt Lake County Council Salt Lake County Mayor Salt Lake County Recorder 10/19/2018 Prepared By The Office Of: REID J. DEMMAN P.L.S. Salt Lake County Surveyor 2001 S. State N1 400 SLC, UT 84114-4575 [PHONE REDACTED] slco.org/surveyor Legend Kearns TC Project Area Parcels ---PAGE BREAK--- Photos of Artesian Springs Apartments 2018 Annual Report Page ! of ! 16 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- Photos of Oquirrh Hills Apartments 2018 Annual Report Page ! of ! 17 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- Photos of Magna Main Street 2018 Annual Report Page ! of ! 18 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY ---PAGE BREAK--- Photos of Arbor Park 2018 Annual Report Page ! of ! 19 19 REDEVELOPMENT AGENCY OF SALT LAKE COUNTY