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NOVEMBER 1, 2019 2019 ANNUAL REPORT MILLCREEK COMMUNITY REINVESTMENT AGENCY IN COMPLIANCE WITH UTAH CODE SECTION 17C-1-603 ---PAGE BREAK--- 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT TABLE OF CONTENTS SECTION 1: EXECUTIVE SUMMARY 3 INTRODUCTION 3 GENERAL OVERVIEW OF ALL PROJECT AREAS 5 SECTION 2: WEST MILLCREEK CRA 6 SOURCES OF FUNDS 7 USES OF FUNDS 7 PROJECT AREA REPORTING AND ACCOUNTABILITY 7 NOTABLE DEVELOPMENT AND FUTURE PROJECTS 8 FORECASTED PROJECT AREA BUDGET UPDATE 8 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGET 9 EXHIBIT A.1: WEST MILLCREEK CRA BUDGET 13 EXHIBIT B.1: WEST MILLCREEK CRA MAP 14 SECTION 3: MILLCREEK CENTER CRA 15 MULTI-YEAR BUDGET 16 EXHIBIT A.2: MILLCREEK CENTER CRA BUDGET 17 EXHIBIT B.2: MILLCREEK CENTER CRA MAP 18 SECTION 4: OLYMPUS HILLS CRA 19 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGET 19 EXHIBIT A.3: OLYMPUS HILLS CRA BUDGET 20 EXHIBIT B.2: OLYMPUS HILLS CRA MAP 21 SECTION 5: CANYON RIM COMMONS CRA 22 PROJECT AREA ANNUAL AND MULTI-YEAR BUDGET 22 ---PAGE BREAK--- Page I 3 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT SECTION 1: EXECUTIVE SUMMARY INTRODUCTION Lewis Young Robertson & Burningham, Inc (“LYRB”) has been retained by the Millcreek Community Reinvestment Agency (the “Agency” or “CRA”) to assist with the management of the Agency’s West Millcreek Redevelopment Area (“West Millcreek RDA”), Millcreek Center Community Reinvestment Area (“Millcreek Center CRA”), Olympus Hills Community Reinvestment Area (“Olympus Hills CRA”), and the Canyon Rim Commons Community Reinvestment Area (“Canyon Rim CRA”)(collectively all project areas are referred to hereafter as the “Millcreek CRA Project Areas”). The West Millcreek RDA is an active project area that was created by Salt Lake County and transferred over to the Agency after Millcreek incorporated as a municipality. The other CRA project areas (Millcreek Center CRA, Olympus Hills CRA and Canyon Rim CRA) were created but haven’t been triggered for purposes of receiving Tax Increment. LYRB has compiled the various creation and related documents associated with the West Millcreek RDA and the other CRA project areas, created annual and multi-year budgets, and created a proprietary Excel-based software package to manage the Agency’s project areas (either internally or by LYRB) in the future. 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 later revised and modified again in 2016, this report facilitates the Agency’s compliance with the new code, providing the data necessary to fulfill these new reporting 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 or Project Area Funds (as defined in 17C). The taxing entities involved in the Millcreek CRA Project Areas, to which this report is being provided, are summarized in the table below. Table 1.1: RDA Taxing Entities As provided in 17C-1-603(3), this annual report is for informational purposes only and is intended to provide an overview of each of the Millcreek CRA Project Areas that lies within the boundaries of the Agency, including descriptions of each of the Millcreek CRA Project Areas, significant activities, project timelines, actual and estimated tax increment collections, and any other information pertinent to the taxing entities. This information does not alter the amount of Tax Increment or “Project Area Funds” that the Agency is authorized and entitled to receive from the project area(s). RDA TAXING ENTITIES John Geilmann Millcreek City Laurie Johnson Millcreek City Mike Winder Millcreek City Blake Thomas Salt Lake County Scott Tingley Salt Lake County Auditor Leon Wilcox Canyons 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 Scott Smith Utah State Tax Commission Deborah Jacobson Utah State Board of Education Lorraine Austin Utah State Board of Education ---PAGE BREAK--- Page I 4 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT AUTHORITIES AND POWERS OF THE AGENCY The authority of the Agency is directed by UCA Title 17C. 17C-1-202 I. A community development and renewal 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; 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. Table 1.2: Board of Trustees Table 1.3: Staff Members Table 1.4: Estimate of Tax Increment ESTIMATE OF TAX INCREMENT TO BE PAID TO THE AGENCY Tax Year 2019 (Ending Dec. 31, 2019) Tax Year 2020 (Beginning Jan. 1, 2020) Property Tax Increment West Millcreek CRA $490,748 463,024 Total Revenue $490,748 463,024 GOVERNING BOARD OF TRUSTEES Jeff Silvestrini RDA Chairman Millcreek City Mayor Silvia Catten RDA Board Member Millcreek City Council Member Dwight Marchant 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 STAFF MEMBERS John Geilmann RDA Executive Director Laurie Johnson Finance Director Mike Winder Economic Development Director ---PAGE BREAK--- Page I 5 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT Table 1.5: Acreage and Residential Housing ACREAGE Developed Undeveloped Residential West Millcreek CRA 236.39 Acres 28.47 19.74 Acres, 7.5% Millcreek Center CRA 164.25 Acres 45.22 Acres 53.51 Acres, 17 lots, 25% GENERAL OVERVIEW OF ALL PROJECT AREAS Table 1.6: Tax Increment Received TAX INCREMENT RECEIVED – ALL PROJECT AREAS REVENUES FY 2019 TOTALS ESTIMATED REMAINING LIFE Property Tax Increment Millcreek Center CRA $490,748 $7,899,374 Total $490,748 $7,899,374 EXPENDITURES FY 2019 TOTALS ESTIMATED REMAINING LIFE Administration Fee @ 4% $19,630 $333,709 Housing @ 20% 98,150 1,579,875 Operating Expenses 10,000 170,000 Tax Increment Commitments 164,592 2,550,000 Capital Facility Finance Projects 198,377 (8,197,122) Total $490,748 $7,899,374 ---PAGE BREAK--- Page I 6 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT SECTION 2: WEST MILLCREEK CRA Table 2.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate URA1 209 Mixed-Use Development ACM ACO 0.015267 0.015370 Creation Year Base Year Term Trigger Year Expiration Year FY 2009 FY 2009 20 years TY 2015 TY 2035 Base Value TY 2018 Value Increase FY 2019 Increment Remaining Life $49,540,516 $171,142,188 245% $490,748 15 years Salt Lake County Redevelopment Agency created this project area in 2009. After Millcreek was incorporated as a municipality Salt Lake County Redevelopment Agency transferred the project to Millcreek CRA. 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 West Millcreek RDA 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 West Millcreek RDA . 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. Table 2.2 Tax Increment Schedule TAX INCREMENT SCHEDULE TAXING ENTITY PERCENTAGE NO. OF YEARS Salt Lake County & Library 80% 20 Granite School District 80% 20 Millcreek City 80% 20 South Salt Lake Valley Mosquito Abatement District 80% 20 Central Utah Water Conservancy District 80% 20 Jordan Valley Water Conservancy 80% 20 Cottonwood Improvement District 80% 20 Salt Lake County Municipal Services District 80% 20 Salt Lake Valley Fire 80% 20 Salt Lake County Library 80% 20 Salt Lake Sanitary District #1 80% 20 1 Also included a blight determination and limited power of eminent domain. ---PAGE BREAK--- Page I 7 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT SOURCES OF FUNDS The Project Area received $490,748 in TY 2018. These funds will be held by the Agency, along with funds remitted in TY 2014 and TY 2015 while First Amendment to the Interlocal Agreements among the taxing entities are negotiated. These monies will be retained until the Interlocal Agreements can be satisfactorily amended. Once amended, the tax increment will be returned to the taxing entities. Table 2.3: Sources of Funds USES OF FUNDS Table 2.4: 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 2019 $490,748 $725,591 68% 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 (2018 vs. 2017) $171,142,188 $166,101,700 3% 3% Lifetime Growth in Project Area (2018 vs. Base) $171,142,188 $112,484,802 52% 5% ASSESSED VALUES IN MILLCREEK CITY Annual Growth in Millcreek City (2018 vs. 2017) $5,675,214,848 $4,028,995,132 41% 41% Lifetime Growth in Millcreek City (2018 vs. 2009) $5,675,214,848 $2,444,593,282 132% 10% 2019 SOURCES OF FUNDS Tax Increment $490,748 Total Sources of Funds $490,748 2019 USES OF FUNDS Administration Fee @ 4% $19,630 Housing @ 20% 98,150 Tax Increment Commitments 164,592 Capital Facility Finance Projects 198,377 Total Uses of Funds $490,748 ---PAGE BREAK--- Page I 8 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT Table 2.7: Acreage and Residential Housing ACREAGE Developed Undeveloped Residential West Millcreek CRA 236.39 Acres 28.47 Acres 19.74 Acres, 7.5% BENEFITS DERIVED BY PARTICIPATING TAXING ENTITIES Table 2.8: Benefits to Taxing Entities GROWTH IN PROPERTY TAX INCREMENT Table 2.9: Growth in Property Tax Increment GROWTH IN TAX INCREMENT ACTUAL REVENUES BASE YEAR VALUE REVENUES % ABOVE BASE Tax Year 2018 $490,748 N/A Lifetime $2,029,252 N/A Tax Year 2018 N/A N/A Lifetime N/A N/A NOTABLE DEVELOPMENT AND FUTURE PROJECTS - 3092 S Highland Drive Multi-family Housing - Outlet Shopping ‘Center on 3300 South - Capital City Auto Mall - 3064 South Highland Drive Multi-Family Housing FORECASTED PROJECT AREA BUDGET UPDATE The multi-year budget attached to this document and summarized below displays revenue in the fiscal year received. Table 2.10: Project Area Budget PROJECT AREA BUDGET FY 2020-2035 REVENUES TOTALS Tax Increment $7,899,374 Total Revenue 7,899,374 EXPENDITURES TOTALS Administration Fee @ 4% 333,709 Housing @ 20% 1,579,875 Tax Increment Commitments 2,564,592 Capital Facility Finance Projects 3,421,199 Total Expenditures $7,899,374 BENEFITS TO TAXING ENTITIES *Job Creation *Increased Property Tax Revenues *Access to Canyons ---PAGE BREAK--- Page I 9 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT PROJECT AREA ANNUAL AND MULTI-YEAR BUDGET Exhibit A.1 below details the projected multi-year budget. ---PAGE BREAK--- Page I 10 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT West Millcreek CRA 2019 Fiscal Year 2019 Tax Year 2018 ASSESED VALUATION ACM Millcreek Tax District ACM Incremental Value 76,730,428 TAX INCREMENT ANALYSIS ACM Incremental Property Tax Rates Combined Rate 0.0152670 Tax Increment & Participation Rates Millcreek Tax District ACM 231,523 Increment Rate 80% ASSESED VALUATION ACO Sandy Tax District ACO Incremental Value 94,411,760 TAX INCREMENT ANALYSIS ACO Combined Rate 0.0153700 Tax Increment & Participation Rates Millcreek Tax District ACO 259,224 Increment Rate 80% Tax Increment Generation Property Tax Increment 490,748 Less Prior Year Tax Increase (121,149) Less Current Year Tax Increase (35,643) Less Prior Year Adjustments (2,266) Total Tax Increment 259,224 REVENUES Property Tax Increment 259,224 Pass Through Increment 224,431 Total Revenue 483,655 EXPENDITURES Administration Fee 19,630 Housing (20%) 98,150 Operating Expenses - Tax Increment Commitments 164,592 Reserve - Capital Facility Finance Projects 208,377 Increment Sub-Total 490,748 Total Expenditures 490,748 ---PAGE BREAK--- Page I 11 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT West Millcreek CRA 2020 Fiscal Year 2020 Tax Year 2019 ASSESED VALUATION ACM Millcreek Tax District ACM Incremental Value 76,730,428 TAX INCREMENT ANALYSIS ACM Incremental Property Tax Rates Combined Rate 0.0146810 Tax Increment & Participation Rates Millcreek Tax District ACM 218,777 Increment Rate 80% ASSESED VALUATION ACO Sandy Tax District ACO Incremental Value 94,411,760 TAX INCREMENT ANALYSIS ACO Combined Rate 0.0147750 Tax Increment & Participation Rates Millcreek Tax District ACO 244,247 Increment Rate 80% Tax Increment Generation Property Tax Increment 463,024 Less Prior Year Tax Increase (121,149) Less Current Year Tax Increase (35,643) Less Prior Year Adjustments (2,265) Total Tax Increment 244,247 REVENUES Property Tax Increment 244,247 Pass Through Increment 220,685 Total Revenue 464,932 EXPENDITURES Administration Fee 19,630 Housing (20%) 92,605 Operating Expenses - Tax Increment Commitments 150,000 Reserve - Capital Facility Finance Projects 200,789 Increment Sub-Total 463,024 Total Expenditures 463,024 ---PAGE BREAK--- Page I 12 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT West Millcreek CRA 2021 Fiscal Year 2021 Tax Year 2020 ASSESED VALUATION ACM Millcreek Tax District ACM Incremental Value 76,730,428 TAX INCREMENT ANALYSIS ACM Incremental Property Tax Rates Combined Rate 0.0146810 Tax Increment & Participation Rates Millcreek Tax District ACM 218,778 Increment Rate 80% ASSESED VALUATION ACO Sandy Tax District ACO Incremental Value 94,411,760 TAX INCREMENT ANALYSIS ACO Combined Rate 0.0147750 Tax Increment & Participation Rates Millcreek Tax District ACO 244,248 Increment Rate 80% Tax Increment Generation Property Tax Increment 463,026 Less Prior Year Tax Increase (121,149) Less Current Year Tax Increase (35,643) Less Prior Year Adjustments (2,264) Total Tax Increment 244,248 REVENUES Property Tax Increment 244,248 Pass Through Increment 220,684 Total Revenue 464,932 EXPENDITURES Administration Fee 19,630 Housing (20%) 92,605 Operating Expenses - Tax Increment Commitments 150,000 Reserve - Capital Facility Finance Projects 200,791 Increment Sub-Total 463,026 Total Expenditures 463,026 ---PAGE BREAK--- Page I 13 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT EXHIBIT A.1: WEST MILLCREEK CRA BUDGET West Millcreek 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 Fiscal Year 2009 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Tax Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 ASSESED VALUATION ACM ACM Millcreek Tax District ACM 112,484,802 30,060,049 30,060,049 35,010,326 37,800,604 49,256,269 166,101,700 76,671,648 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 76,730,428 Base Year Value (7,224) - - - - - - (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) (49,540,516) Incremental Value - 30,060,049 30,060,049 35,010,326 37,800,604 49,256,269 166,101,700 27,131,132 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 27,189,912 ACO Millcreek Tax District ACO 89,429,052 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 94,411,760 Base Year Value (62,944,286) (62,944,286) (62,944,285) (62,944,284) (62,944,283) (62,944,282) (62,944,281) (62,944,280) (62,944,279) (62,944,278) (62,944,277) (62,944,276) (62,944,275) (62,944,274) (62,944,273) (62,944,272) (62,944,271) (62,944,270) Incremental Value 26,484,766 31,467,474 31,467,475 31,467,476 31,467,477 31,467,478 31,467,479 31,467,480 31,467,481 31,467,482 31,467,483 31,467,484 31,467,485 31,467,486 31,467,487 31,467,488 31,467,489 31,467,490 Project Area Value 30,060,049 TAX INCREMENT ANALYSIS ACM Tax Rate Incremental Property Tax Rates Salt Lake County 0.002025 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 Granite School District 0.007822 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 Millcreek City 0.002012 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 South Salt Lake Valley Mosquito Abatement District 0.000015 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 Cottonwood Improvement District 0.000176 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 0.000169 Central Utah Water Conservancy District 0.000400 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 Jordan Valley Water Conservancy 0.000400 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 Unified Fire Service Area 0.001858 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 Salt Lake County Library 0.000559 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 Less Tax Rate Increase Combined Rate 0.015267 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 0.014681 ACO Tax Rate Incremental Property Tax Rates Salt Lake County 0.002025 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 0.001933 Granite School District 0.007822 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 0.007626 Millcreek City 0.002012 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 0.001897 South Salt Lake Valley Mosquito Abatement District 0.000015 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 0.000014 Mt Olympus Improvement District 0.000279 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 0.000263 Central Utah Water Conservancy District 0.000400 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 0.000378 Jordan Valley Water Conservancy 0.000400 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 0.000383 Unified Fire Service Area 0.001858 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 0.001745 Salt Lake County Library 0.000559 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 0.000536 Less Tax Rate Increase Combined Rate 0.015370 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 0.014775 Tax Increment Participation Rate 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% ACM Tax Increment Total Increment 415,108 399,175 399,175 399,175 399,175 399,175 399,175 399,175 399,175 399,175 399,175 399,175 399,175 399,175 399,175 399,175 399,175 Increment Available to Agency 332,087 319,340 319,340 319,340 319,340 319,340 319,340 319,340 319,340 319,340 319,340 319,340 319,340 319,340 319,340 319,340 319,340 Current Year Increase (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) (104,680) Prior (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) (20,515) Increment Before Overpayment 231,931 219,184 219,184 219,184 219,184 219,184 219,184 219,184 219,184 219,184 219,184 219,184 219,184 219,184 219,184 219,184 219,184 Overpayment (408) (407) (406) (405) (404) (403) (402) (401) (400) (399) (398) (397) (396) (395) (394) (393) (392) Final Increment to Agency 231,523 218,777 218,778 218,779 218,780 218,781 218,782 218,783 218,784 218,785 218,786 218,787 218,788 218,789 218,790 218,791 218,792 ACOTax Increment Total Increment 483,655 464,932 464,932 464,932 464,932 464,932 464,932 464,932 464,932 464,932 464,932 464,932 464,932 464,932 464,932 464,932 464,932 Increment Available to Agency 386,924 371,946 371,946 371,946 371,946 371,946 371,946 371,946 371,946 371,946 371,946 371,946 371,946 371,946 371,946 371,946 371,946 Current Year Increase (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) (121,149) Prior (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) (35,643) Increment Before Overpayment 261,490 246,512 246,512 246,512 246,512 246,512 246,512 246,512 246,512 246,512 246,512 246,512 246,512 246,512 246,512 246,512 246,512 Overpayment (2,266) (2,265) (2,264) (2,263) (2,262) (2,261) (2,260) (2,259) (2,258) (2,257) (2,256) (2,255) (2,254) (2,253) (2,252) (2,251) (2,250) Final Increment to Agency 259,224 244,247 244,248 244,249 244,250 244,251 244,252 244,253 244,254 244,255 244,256 244,257 244,258 244,259 244,260 244,261 244,262 PROJECT AREA BUDGET TOTALS REVENUES Total Property Tax Increment 73,498 73,498 193,112 546,303 490,748 463,024 463,026 463,028 463,030 463,032 463,034 463,036 463,038 463,040 463,042 463,044 463,046 463,048 463,050 463,052 463,054 8,785,785 EXPENDITURES TOTALS Increment Fund Administration Fee 525,479 2,940 2,940 7,724 21,852 19,630 19,630 19,630 19,630 19,630 19,630 19,630 19,630 19,630 19,630 19,630 19,630 19,630 19,630 19,630 19,630 19,630 369,165 Housing (20%) 14,700 14,700 38,622 109,261 98,150 92,605 92,605 92,606 92,606 92,606 92,607 92,607 92,608 92,608 92,608 92,609 92,609 92,610 92,610 92,610 92,611 1,757,157 Operating Expenses - - Tax Increment Commitments 164,592 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 2,564,592 Reserve - Capital Facility Finance Projects 55,858 55,858 146,765 415,190 208,377 200,789 200,791 200,793 200,794 200,796 200,797 200,799 200,801 200,802 200,804 200,805 200,807 200,809 200,810 200,812 200,813 4,094,871 Total Expenditures 525,479 - - 73,498 73,498 193,112 546,303 490,748 463,024 463,026 463,028 463,030 463,032 463,034 463,036 463,038 463,040 463,042 463,044 463,046 463,048 463,050 463,052 463,054 8,785,785 ---PAGE BREAK--- Page I 14 EXHIBIT B.1: West Millcreek CRA Map ---PAGE BREAK--- Page I 15 SECTION 3: MILLCREEK CENTER CRA Table 3.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA 105 Mixed-Use Development .014970 Creation Year Base Year Term Trigger Year Expiration Year FY 2020 FY 2020 20 years TY 2020 TY 2040 Base Value TY 2018 Value Increase FY 2019 Increment Remaining Life $125,915,029 N/A N/A N/A 20 years The Millcreek Community Reinvestment Agency (the “Agency”), following thorough consideration of the needs and desires of Millcreek City (the “City”) and its residents, as well as the City’s capacity for new development, has carefully crafted this draft Project Area Plan (the “Plan”) for the Millcreek Center Community Reinvestment Project Area (the “Project Area”). This Plan is the result of a comprehensive evaluation of the types of appropriate land-uses and economic development for the land encompassed by the Project Area which includes land along both sides of 3300 South, between 900 East to the west and Highland Drive to the east. The Plan is intended to define the method and means of the Project Area from its current state to a higher and better use. The City has determined it is in the best interest of its citizens to assist in the redevelopment of the Project Area. It is the purpose of this Plan to clearly set forth the aims and objectives of development, scope, financing mechanism, and value to the residents of the City and other taxing entities within the Project Area. The Project Area is being created to assist with the creation of a downtown within the City. The Millcreek City Center 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. The Project Area is being undertaken as a community reinvestment project area pursuant to certain provisions of Chapters 1 and 5 of the Utah Limited Purpose Local Governmental Entities Community Reinvestment Agency Act (the “Act”, Utah Code Annotated (“UCA”) Title 17C). The requirements of the Act, including notice and hearing obligations, have always been observed throughout the establishment of the Project Area. The realization of the Plan through tax increment funding is subject to interlocal agreements between the taxing entities individually and the 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. This plan will guide and control the community reinvestment undertakings of the Project Area. ---PAGE BREAK--- Page I 16 SOURCES OF FUNDS Table 3.2: Sources of Funds Table 3.3: Tax Increment Levels Throughout the life of the Project Area, the Agency will use about 5% of the total Tax Increment received for Agency Administration. The remaining amount goes toward Redevelopment Activities. Table 3.4 ACREAGE Developed Undeveloped Residential Millcreek Center CRA 164.25 Acres 45.22 Acres 53.51 Acres, 17 lots, 25% MULTI-YEAR BUDGET2 Exhibit A.2 below details the original projected multi-year budget. 2 Millcreek Center annual budget estimates not included because it hasn’t been triggered. 2019 SOURCES OF FUNDS Tax Increment $0 Total Sources of Funds $0 2019 USES OF FUNDS Operating Expenses $39,346 Redevelopment Activities 0 Total Uses of Funds $39,346 ---PAGE BREAK--- Page I 17 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT EXHIBIT A.2: MILLCREEK CENTER CRA BUDGET Millcreek Community Reinvestment Agency ASSUMPTIONS: Millcreek Center CRA Discount Rate 4.0% Increment and Budget Analy sis Payment Year 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Tax Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV Cumulative Taxable Value Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Commercial $3,455,769 $6,688,015 $7,696,960 $9,007,949 $10,050,187 $11,121,949 $12,818,425 $14,496,056 $16,605,658 $18,725,939 $21,324,676 $21,249,296 $21,249,296 $21,249,296 $21,249,296 $21,249,296 $21,249,296 $21,249,296 $21,249,296 $21,249,296 Office $201,316 $4,013,675 $8,482,812 $14,956,269 $21,311,454 $28,635,457 $35,950,651 $43,228,099 $50,530,712 $58,764,395 $69,845,395 $80,610,580 $91,526,752 $91,526,752 $91,526,752 $91,526,752 $91,526,752 $91,526,752 $91,526,752 $91,526,752 Residential $29,799,801 $57,432,943 $59,047,776 $63,310,625 $66,762,187 $70,268,737 $69,993,796 $69,993,796 $69,993,796 $69,993,796 $69,993,796 $69,993,796 $69,993,796 $69,993,796 $69,993,796 $69,993,796 $69,993,796 $69,993,796 $69,993,796 $69,993,796 Total Assessed Value: $33,456,886 $68,134,633 $75,227,547 $87,274,843 $98,123,828 $110,026,142 $118,762,872 $127,717,951 $137,130,166 $147,484,130 $161,163,866 $171,853,671 $182,769,843 $182,769,843 $182,769,843 $182,769,843 $182,769,843 $182,769,843 $182,769,843 $182,769,843 Value of Current Property $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 $125,915,029 Less Base Year Value (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ (125,915,029) $ TOTAL INCREMENTAL VALUE: $33,456,886 $68,134,633 $75,227,547 $87,274,843 $98,123,828 $110,026,142 $118,762,872 $127,717,951 $137,130,166 $147,484,130 $161,163,866 $171,853,671 $182,769,843 $182,769,843 $182,769,843 $182,769,843 $182,769,843 $182,769,843 $182,769,843 $182,769,843 TAX RATE & INCREMENT ANALYSIS: 2018 Rates Salt Lake County 0.002025 67,750 137,973 152,336 176,732 198,701 222,803 240,495 258,629 277,689 298,655 326,357 348,004 370,109 370,109 370,109 370,109 370,109 370,109 370,109 370,109 5,666,993 3,572,960 Salt Lake County Library 0.000559 18,702 38,087 42,052 48,787 54,851 61,505 66,388 71,394 76,656 82,444 90,091 96,066 102,168 102,168 102,168 102,168 102,168 102,168 102,168 102,168 1,564,370 986,314 Granite School District 0.007822 261,700 532,949 588,430 682,664 767,525 860,624 928,963 999,010 1,072,632 1,153,621 1,260,624 1,344,239 1,429,626 1,429,626 1,429,626 1,429,626 1,429,626 1,429,626 1,429,626 1,429,626 21,889,987 13,801,332 Millcreek City 0.002012 67,315 137,087 151,358 175,597 197,425 221,373 238,951 256,969 275,906 296,738 324,262 345,770 367,733 367,733 367,733 367,733 367,733 367,733 367,733 367,733 5,630,613 3,550,023 South Salt Lake Valley Mosquito Abatement District 0.000015 501.85 1,022 1,128 1,309 1,472 1,650 1,781 1,916 2,057 2,212 2,417 2,578 2,742 2,742 2,742 2,742 2,742 2,742 2,742 2,742 41,978 26,466 Mt. Olympus Improv ement District 0.000279 9,334 19,010 20,988 24,350 27,377 30,697 33,135 35,633 38,259 41,148 44,965 47,947 50,993 50,993 50,993 50,993 50,993 50,993 50,993 50,993 780,786 492,275 Central Utah Water Conservancy District 0.000400 13,383 27,254 30,091 34,910 39,250 44,010 47,505 51,087 54,852 58,994 64,466 68,741 73,108 73,108 73,108 73,108 73,108 73,108 73,108 73,108 1,119,406 705,770 Unified Fire Service Area 0.001858 62,163 126,594 139,773 162,157 182,314 204,429 220,661 237,300 254,788 274,026 299,442 319,304 339,586 339,586 339,586 339,586 339,586 339,586 339,586 339,586 5,199,641 3,278,302 Totals: 0.014970 500,850 1,019,975 1,126,156 1,306,504 1,468,914 1,647,091 1,777,880 1,911,938 2,052,839 2,207,837 2,412,623 2,572,649 2,736,065 2,736,065 2,736,065 2,736,065 2,736,065 2,736,065 2,736,065 2,736,065 41,893,774 26,413,441 TOTAL INCREMENTAL REVENUE IN PROJECT AREA: $500,850 $1,019,975 $1,126,156 $1,306,504 $1,468,914 $1,647,091 $1,777,880 $1,911,938 $2,052,839 $2,207,837 $2,412,623 $2,572,649 $2,736,065 $2,736,065 $2,736,065 $2,736,065 $2,736,065 $2,736,065 $2,736,065 $2,736,065 $41,893,774 $26,413,441 PROJECT AREA BUDGET 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Sources of Funds: 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV Property Tax Participation Rate for Budget Salt Lake County 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% Salt Lake County Library 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% Granite School District 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% Millcreek City 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% South Salt Lake Valley Mosquito Abatement District 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% Mt. Olympus Improvement District 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% Central Utah Water Conserv ancy District 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% Unified Fire Serv ice Area 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% Property Tax Increment for Budget Salt Lake County $50,813 $103,479 $114,252 $132,549 $149,026 $167,102 $180,371 $193,972 $208,266 $223,992 $244,768 $261,003 $277,582 $277,582 $277,582 $277,582 $277,582 $277,582 $277,582 $277,582 $4,250,245 $2,679,720 Salt Lake County Library $14,027 $28,565 $31,539 $36,590 $41,138 $46,128 $49,791 $53,546 $57,492 $61,833 $67,568 $72,050 $76,626 $76,626 $76,626 $76,626 $76,626 $76,626 $76,626 $76,626 $1,173,278 $739,735 Granite School District $209,360 $426,359 $470,744 $546,131 $614,020 $688,500 $743,171 $799,208 $858,106 $922,897 $1,008,499 $1,075,392 $1,143,701 $1,143,701 $1,143,701 $1,143,701 $1,143,701 $1,143,701 $1,143,701 $1,143,701 $17,511,989 $11,041,065 Millcreek City $53,852 $109,670 $121,086 $140,478 $157,940 $177,098 $191,161 $205,575 $220,725 $237,390 $259,409 $276,616 $294,186 $294,186 $294,186 $294,186 $294,186 $294,186 $294,186 $294,186 $4,504,490 $2,840,018 South Salt Lake Valley Mosquito Abatement District $401 $818 $903 $1,047 $1,177 $1,320 $1,425 $1,533 $1,646 $1,770 $1,934 $2,062 $2,193 $2,193 $2,193 $2,193 $2,193 $2,193 $2,193 $2,193 $33,582 $21,173 Mt. Olympus Improvement District $7,468 $15,208 $16,791 $19,480 $21,901 $24,558 $26,508 $28,507 $30,607 $32,918 $35,972 $38,358 $40,794 $40,794 $40,794 $40,794 $40,794 $40,794 $40,794 $40,794 $624,629 $393,820 Central Utah Water Conserv ancy District $10,037 $20,440 $22,568 $26,182 $29,437 $33,008 $35,629 $38,315 $41,139 $44,245 $48,349 $51,556 $54,831 $54,831 $54,831 $54,831 $54,831 $54,831 $54,831 $54,831 $839,555 $529,327 Unified Fire Serv ice Area $49,730 $101,275 $111,818 $129,725 $145,851 $163,543 $176,529 $189,840 $203,830 $219,220 $239,554 $255,443 $271,669 $271,669 $271,669 $271,669 $271,669 $271,669 $271,669 $271,669 $4,159,713 $2,622,641 Total Property Tax Increment for Budget: $395,688 $805,815 $889,701 $1,032,182 $1,160,491 $1,301,257 $1,404,585 $1,510,495 $1,621,811 $1,744,265 $1,906,053 $2,032,479 $2,161,582 $2,161,582 $2,161,582 $2,161,582 $2,161,582 $2,161,582 $2,161,582 $2,161,582 $33,097,481 $20,867,501 Uses of Tax Increment Funds: 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV Redevelopment Activities (Infrastructure, Relocation, 80.0% $316,550 $644,652 $711,761 $825,746 $928,393 $1,041,006 $1,123,668 $1,208,396 $1,297,449 $1,395,412 $1,524,842 $1,625,983 $1,729,266 $1,729,266 $1,729,266 $1,729,266 $1,729,266 $1,729,266 $1,729,266 $1,729,266 $26,477,984 $16,694,001 CRA Housing Requirement 15.0% $59,353 $120,872 $133,455 $154,827 $174,074 $195,189 $210,688 $226,574 $243,272 $261,640 $285,908 $304,872 $324,237 $324,237 $324,237 $324,237 $324,237 $324,237 $324,237 $324,237 $4,964,622 $3,130,125 RDA Administration 5.0% $19,784 $40,291 $44,485 $51,609 $58,025 $65,063 $70,229 $75,525 $81,091 $87,213 $95,303 $101,624 $108,079 $108,079 $108,079 $108,079 $108,079 $108,079 $108,079 $108,079 $1,654,874 $1,043,375 Total Uses $395,688 $805,815 $889,701 $1,032,182 $1,160,491 $1,301,257 $1,404,585 $1,510,495 $1,621,811 $1,744,265 $1,906,053 $2,032,479 $2,161,582 $2,161,582 $2,161,582 $2,161,582 $2,161,582 $2,161,582 $2,161,582 $2,161,582 $33,097,481 $20,867,501 REMAINING TAX REVENUES FOR TAXING ENTITIES 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV Salt Lake County $16,938 $34,493 $38,084 $44,183 $49,675 $55,701 $60,124 $64,657 $69,422 $74,664 $81,589 $87,001 $92,527 $92,527 $92,527 $92,527 $92,527 $92,527 $92,527 $92,527 $1,416,748 $893,240 Salt Lake County Library $4,676 $9,522 $10,513 $12,197 $13,713 $15,376 $16,597 $17,849 $19,164 $20,611 $22,523 $24,017 $25,542 $25,542 $25,542 $25,542 $25,542 $25,542 $25,542 $25,542 $391,093 $246,578 Granite School District $52,340 $106,590 $117,686 $136,533 $153,505 $172,125 $185,793 $199,802 $214,526 $230,724 $252,125 $268,848 $285,925 $285,925 $285,925 $285,925 $285,925 $285,925 $285,925 $285,925 $4,377,997 $2,760,266 Millcreek City $13,463 $27,417 $30,272 $35,119 $39,485 $44,275 $47,790 $51,394 $55,181 $59,348 $64,852 $69,154 $73,547 $73,547 $73,547 $73,547 $73,547 $73,547 $73,547 $73,547 $1,126,123 $710,005 South Salt Lake Valley Mosquito Abatement District $100 $204 $226 $262 $294 $330 $356 $383 $411 $442 $483 $516 $548 $548 $548 $548 $548 $548 $548 $548 $8,396 $5,293 Mt. Olympus Improvement District $1,867 $3,802 $4,198 $4,870 $5,475 $6,139 $6,627 $7,127 $7,652 $8,230 $8,993 $9,589 $10,199 $10,199 $10,199 $10,199 $10,199 $10,199 $10,199 $10,199 $156,157 $98,455 Central Utah Water Conserv ancy District $3,346 $6,813 $7,523 $8,727 $9,812 $11,003 $11,876 $12,772 $13,713 $14,748 $16,116 $17,185 $18,277 $18,277 $18,277 $18,277 $18,277 $18,277 $18,277 $18,277 $279,852 $176,442 Unified Fire Serv ice Area $12,433 $25,319 $27,955 $32,431 $36,463 $40,886 $44,132 $47,460 $50,958 $54,805 $59,888 $63,861 $67,917 $67,917 $67,917 $67,917 $67,917 $67,917 $67,917 $67,917 $1,039,928 $655,660 Total $105,162 $214,161 $236,455 $274,322 $308,423 $345,834 $373,295 $401,443 $431,028 $463,572 $506,570 $540,170 $574,482 $574,482 $574,482 $574,482 $574,482 $574,482 $574,482 $574,482 $8,796,293 $5,545,940 INCREMENTAL TAX ANALYSIS: ---PAGE BREAK--- Page I 18 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT EXHIBIT B.2: Millcreek Center CRA Map ---PAGE BREAK--- Page I 19 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT SECTION 4: OLYMPUS HILLS CRA Table 4.1: Project Area Overview OVERVIEW Type Acreage Purpose Taxing District Tax Rate CRA 42 Mixed-Use Development 0.01497 Creation Year Base Year Term Trigger Year Expiration Year FY 2021 FY 2009 20 years TY 2021 TY 2040 Base Value TY 2018 Value Increase FY 2019 Increment Remaining Life $3,768,320 N/A N/A N/A 15 years The Millcreek Community Reinvestment Agency (the “Agency”), following thorough consideration of the needs and desires of Millcreek City (the “City”) and its residents, as well as the City’s capacity for new development, has carefully crafted this draft Project Area Plan (the “Plan”) for the Olympus Hills Community Reinvestment Project Area (the “Project Area”). This Plan is the result of a comprehensive evaluation of the types of appropriate land-uses and economic development for the land encompassed by the Project Area which includes land east of Interstate 215 East along Wasatch Blvd near the freeway interchange. The Plan is intended to define the method and means of the Project Area from its current state to a higher and better use. The City has determined it is in the best interest of its citizens to assist in the redevelopment of the Project Area. It is the purpose of this Plan to clearly set forth the aims and objectives of development, scope, financing mechanism, and value to the residents of the City and other taxing entities within the Project Area. The Project Area is being undertaken as a community reinvestment project area pursuant to certain provisions of Chapters 1 and 5 of the Utah Limited Purpose Local Governmental Entities Community Reinvestment Agency Act (the “Act”, Utah Code Annotated (“UCA”) Title 17C). The requirements of the Act, including notice and hearing obligations, have always been observed throughout the establishment of the Project Area. The realization of the Plan is subject to interlocal agreements between the taxing entities individually and the Agency. PROJECT AREA ANNUAL AND MULTI-YEAR BUDGET Exhibit A.3 below details the original projected multi-year budget. ---PAGE BREAK--- Page I 20 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT EXHIBIT A.3: OLYMPUS HILLS CRA BUDGET Millcreek Community Reinvestment Agency ASSUMPTIONS: Olympus Hills CRA Discount Rate 4.0% Increment and Budget Analysis Payment Year 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Tax Year 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV Cumulative Taxable Value Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Commercial $685,207 $1,283,381 $1,653,154 $2,051,937 $2,450,720 $2,849,503 $3,248,286 $3,647,069 $4,045,852 $3,987,831 $3,987,831 $3,987,831 $3,987,831 $3,987,831 $3,987,831 $3,987,831 $3,987,831 $3,987,831 $3,987,831 $3,987,831 Office $2,879,371 $5,584,417 $7,329,673 $9,133,036 $10,936,400 $12,739,764 $14,543,128 $16,346,492 $18,149,856 $18,033,639 $18,033,639 $18,033,639 $18,033,639 $18,033,639 $18,033,639 $18,033,639 $18,033,639 $18,033,639 $18,033,639 $18,033,639 Residential $1,191,162 $2,269,581 $2,871,536 $3,518,587 $3,927,407 $4,358,774 $4,313,678 $4,313,678 $4,313,678 $4,313,678 $4,313,678 $4,313,678 $4,313,678 $4,313,678 $4,313,678 $4,313,678 $4,313,678 $4,313,678 $4,313,678 $4,313,678 Total Assessed Value: $4,755,739 $9,137,379 $11,854,362 $14,703,561 $17,314,527 $19,948,042 $22,105,092 $24,307,239 $26,509,386 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 Value of Current Property $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 $3,768,320 Less Base Year Value (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ (3,768,320) $ TOTAL INCREMENTAL VALUE: $4,755,739 $9,137,379 $11,854,362 $14,703,561 $17,314,527 $19,948,042 $22,105,092 $24,307,239 $26,509,386 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 $26,335,148 TAX RATE & INCREMENT ANALYSIS: 2018 Rates Salt Lake County 0.002025 9,630 18,503 24,005 29,775 35,062 40,395 44,763 49,222 53,682 53,329 53,329 53,329 53,329 53,329 53,329 53,329 53,329 53,329 53,329 53,329 891,652 569,838 Salt Lake County Library 0.000559 2,658 5,108 6,627 8,219 9,679 11,151 12,357 13,588 14,819 14,721 14,721 14,721 14,721 14,721 14,721 14,721 14,721 14,721 14,721 14,721 246,140 157,303 Granite School District 0.007822 37,199 71,473 92,725 115,011 135,434 156,034 172,906 190,131 207,356 205,994 205,994 205,994 205,994 205,994 205,994 205,994 205,994 205,994 205,994 205,994 3,444,198 2,201,122 Millcreek City 0.002012 9,569 18,384 23,851 29,584 34,837 40,135 44,475 48,906 53,337 52,986 52,986 52,986 52,986 52,986 52,986 52,986 52,986 52,986 52,986 52,986 885,928 566,180 South Salt Lake Valley Mosquito Abatement District 0.000015 71.34 137 178 221 260 299 332 365 398 395 395 395 395 395 395 395 395 395 395 395 6,605 4,221 Mt. Olympus Improvement District 0.000279 1,327 2,549 3,307 4,102 4,831 5,566 6,167 6,782 7,396 7,348 7,348 7,348 7,348 7,348 7,348 7,348 7,348 7,348 7,348 7,348 122,850 78,511 Central Utah Water Conservancy District 0.000400 1,902 3,655 4,742 5,881 6,926 7,979 8,842 9,723 10,604 10,534 10,534 10,534 10,534 10,534 10,534 10,534 10,534 10,534 10,534 10,534 176,129 112,561 Unified Fire Service Area 0.001858 8,836 16,977 22,025 27,319 32,170 37,063 41,071 45,163 49,254 48,931 48,931 48,931 48,931 48,931 48,931 48,931 48,931 48,931 48,931 48,931 818,118 522,844 Totals: 0.014970 71,193 136,787 177,460 220,112 259,198 298,622 330,913 363,879 396,846 394,237 394,237 394,237 394,237 394,237 394,237 394,237 394,237 394,237 394,237 394,237 6,591,620 4,212,580 TOTAL INCREMENTAL REVENUE IN PROJECT AREA: $71,193 $136,787 $177,460 $220,112 $259,198 $298,622 $330,913 $363,879 $396,846 $394,237 $394,237 $394,237 $394,237 $394,237 $394,237 $394,237 $394,237 $394,237 $394,237 $394,237 $6,591,620 $4,212,580 PROJECT AREA BUDGET 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Sources of Funds: 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV Property Tax Participation Rate for Budget Salt Lake County 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Davis County Library 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Granite School District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Millcreek City 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% South Salt Lake Valley Mosquito Abatement District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Mt. Olympus Improvement District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Central Utah Water Conservancy District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Unified Fire Service Area 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Property Tax Increment for Budget Salt Lake County $6,741 $12,952 $16,804 $20,842 $24,543 $28,276 $31,334 $34,456 $37,577 $37,330 $37,330 $37,330 $37,330 $37,330 $37,330 $37,330 $37,330 $37,330 $37,330 $37,330 $624,156 $398,887 Davis County Library $1,861 $3,575 $4,639 $5,754 $6,775 $7,806 $8,650 $9,511 $10,373 $10,305 $10,305 $10,305 $10,305 $10,305 $10,305 $10,305 $10,305 $10,305 $10,305 $10,305 $172,298 $110,112 Granite School District $26,040 $50,031 $64,907 $80,508 $94,804 $109,224 $121,034 $133,092 $145,149 $144,195 $144,195 $144,195 $144,195 $144,195 $144,195 $144,195 $144,195 $144,195 $144,195 $144,195 $2,410,939 $1,540,786 Millcreek City $6,698 $12,869 $16,696 $20,708 $24,386 $28,095 $31,133 $34,234 $37,336 $37,090 $37,090 $37,090 $37,090 $37,090 $37,090 $37,090 $37,090 $37,090 $37,090 $37,090 $620,149 $396,326 South Salt Lake Valley Mosquito Abatement District $50 $96 $124 $154 $182 $209 $232 $255 $278 $277 $277 $277 $277 $277 $277 $277 $277 $277 $277 $277 $4,623 $2,955 Mt. Olympus Improvement District $929 $1,785 $2,315 $2,872 $3,382 $3,896 $4,317 $4,747 $5,177 $5,143 $5,143 $5,143 $5,143 $5,143 $5,143 $5,143 $5,143 $5,143 $5,143 $5,143 $85,995 $54,958 Central Utah Water Conservancy District $1,332 $2,558 $3,319 $4,117 $4,848 $5,585 $6,189 $6,806 $7,423 $7,374 $7,374 $7,374 $7,374 $7,374 $7,374 $7,374 $7,374 $7,374 $7,374 $7,374 $123,290 $78,792 Unified Fire Service Area $6,185 $11,884 $15,418 $19,123 $22,519 $25,944 $28,750 $31,614 $34,478 $34,251 $34,251 $34,251 $34,251 $34,251 $34,251 $34,251 $34,251 $34,251 $34,251 $34,251 $572,683 $365,991 Total Property Tax Increment for Budget: $49,835 $95,751 $124,222 $154,079 $181,439 $209,036 $231,639 $254,716 $277,792 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $4,614,134 $2,948,806 Uses of Tax Increment Funds: 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 TOTALS NPV Redevelopment Activities (Infrastructure, Relocation, 87.0% $43,357 $83,303 $108,073 $134,048 $157,852 $181,861 $201,526 $221,603 $241,679 $240,090 $240,090 $240,090 $240,090 $240,090 $240,090 $240,090 $240,090 $240,090 $240,090 $240,090 $4,014,296 $2,565,461 CRA Housing Requirement 10.0% $4,984 $9,575 $12,422 $15,408 $18,144 $20,904 $23,164 $25,472 $27,779 $27,597 $27,597 $27,597 $27,597 $27,597 $27,597 $27,597 $27,597 $27,597 $27,597 $27,597 $461,413 $294,881 RDA Administration 3.0% $1,495 $2,873 $3,727 $4,622 $5,443 $6,271 $6,949 $7,641 $8,334 $8,279 $8,279 $8,279 $8,279 $8,279 $8,279 $8,279 $8,279 $8,279 $8,279 $8,279 $138,424 $88,464 Total Uses $49,835 $95,751 $124,222 $154,079 $181,439 $209,036 $231,639 $254,716 $277,792 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $275,966 $4,614,134 $2,948,806 REMAINING TAX REVENUES FOR TAXING ENTITIES 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 TOTALS NPV Salt Lake County $2,889 $5,551 $7,202 $8,932 $10,519 $12,118 $13,429 $14,767 $16,104 $15,999 $15,999 $15,999 $15,999 $15,999 $15,999 $15,999 $15,999 $15,999 $15,999 $15,999 $267,496 $170,951 Davis County Library $798 $1,532 $1,988 $2,466 $2,904 $3,345 $3,707 $4,076 $4,446 $4,416 $4,416 $4,416 $4,416 $4,416 $4,416 $4,416 $4,416 $4,416 $4,416 $4,416 $73,842 $47,191 Granite School District $11,160 $21,442 $27,817 $34,503 $40,630 $46,810 $51,872 $57,039 $62,207 $61,798 $61,798 $61,798 $61,798 $61,798 $61,798 $61,798 $61,798 $61,798 $61,798 $61,798 $1,033,259 $660,337 Millcreek City $2,871 $5,515 $7,155 $8,875 $10,451 $12,041 $13,343 $14,672 $16,001 $15,896 $15,896 $15,896 $15,896 $15,896 $15,896 $15,896 $15,896 $15,896 $15,896 $15,896 $265,778 $169,854 South Salt Lake Valley Mosquito Abatement District $21 $41 $53 $66 $78 $90 $99 $109 $119 $119 $119 $119 $119 $119 $119 $119 $119 $119 $119 $119 $1,981 $1,266 Mt. Olympus Improvement District $398 $765 $992 $1,231 $1,449 $1,670 $1,850 $2,035 $2,219 $2,204 $2,204 $2,204 $2,204 $2,204 $2,204 $2,204 $2,204 $2,204 $2,204 $2,204 $36,855 $23,553 Central Utah Water Conservancy District $571 $1,096 $1,423 $1,764 $2,078 $2,394 $2,653 $2,917 $3,181 $3,160 $3,160 $3,160 $3,160 $3,160 $3,160 $3,160 $3,160 $3,160 $3,160 $3,160 $52,839 $33,768 Unified Fire Service Area $2,651 $5,093 $6,608 $8,196 $9,651 $11,119 $12,321 $13,549 $14,776 $14,679 $14,679 $14,679 $14,679 $14,679 $14,679 $14,679 $14,679 $14,679 $14,679 $14,679 $245,435 $156,853 Total $21,358 $41,036 $53,238 $66,034 $77,760 $89,587 $99,274 $109,164 $119,054 $118,271 $118,271 $118,271 $118,271 $118,271 $118,271 $118,271 $118,271 $118,271 $118,271 $118,271 $1,977,486 $1,263,774 INCREMENTAL TAX ANALYSIS: ---PAGE BREAK--- Page I 21 2019 ANNUAL REPOR REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT EXHIBIT B.2: Olympus Hills CRA Map ---PAGE BREAK--- Page I 22 2019 ANNUAL REPOR REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT 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 0.01497 Creation Year Base Year Term Trigger Year Expiration Year FY 2020 FY 2020 20 years TY 2021 TY 2040 Base Value TY 2018 Value Increase FY 2019 Increment Remaining Life $69,547,441 N/A N/A N/A 15 years The Millcreek Community Reinvestment Agency (the “Agency”), following thorough consideration of the needs and desires of Millcreek City (the “City”) and its residents, as well as the City’s capacity for new development, has carefully crafted this draft Project Area Plan (the “Plan”) for the Canyon Rim Commons Community Reinvestment Project Area (the “Project Area”). This Plan is the result of a comprehensive evaluation of the types of appropriate land-uses and economic development for the land encompassed by the Project Area which includes land along both sides of 3300 South, between 2000 East to the west, Pioneer Street to the east, 3225 South to the north and 3395 South to the south. The Plan is intended to define the method and means of the Project Area from its current state to a higher and better use. The City has determined it is in the best interest of its citizens to assist in the redevelopment of the Project Area. It is the purpose of this Plan to clearly set forth the aims and objectives of development, scope, financing mechanism, and value to the residents of the City and other taxing entities within the Project Area. The Project Area is being undertaken as a community reinvestment project area pursuant to certain provisions of Chapters 1 and 5 of the Utah Limited Purpose Local Governmental Entities Community Reinvestment Agency Act (the “Act”, Utah Code Annotated (“UCA”) Title 17C). The requirements of the Act, including notice and hearing obligations, have always been observed throughout the establishment of the Project Area. The realization of the Plan is subject to interlocal agreements between the taxing entities individually and the Agency. PROJECT AREA ANNUAL AND MULTI-YEAR BUDGET Exhibit A below details the original projected multi-year budget. ---PAGE BREAK--- Page I 23 2019 ANNUAL REPORT REDEVELOPMENT AGENCY OF MILLCREEK CITY, UT Millcreek Community Reinvestment Agency ASSUMPTIONS: Canyon Rim Commons CRA Discount Rate 4.0% Increment and Budget Analysis Payment Year 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Tax Year 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV Cumulative Taxable Value Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Commercial $778,587 $1,464,689 $1,891,262 $2,348,663 $2,806,064 $3,263,465 $3,720,867 $4,178,268 $4,635,669 $4,574,012 $4,574,012 $4,574,012 $4,574,012 $4,574,012 $4,574,012 $4,574,012 $4,574,012 $4,574,012 $4,574,012 $4,574,012 Office $3,000,631 $5,816,015 $7,631,188 $9,508,110 $11,385,032 $13,261,955 $15,138,877 $17,015,799 $18,892,722 $18,769,223 $18,769,223 $18,769,223 $18,769,223 $18,769,223 $18,769,223 $18,769,223 $18,769,223 $18,769,223 $18,769,223 $18,769,223 Residential $6,224,983 $11,997,365 $15,279,754 $18,743,183 $20,961,616 $23,270,568 $23,089,528 $23,089,528 $23,089,528 $23,089,528 $23,089,528 $23,089,528 $23,089,528 $23,089,528 $23,089,528 $23,089,528 $23,089,528 $23,089,528 $23,089,528 $23,089,528 Total Assessed Value: $10,004,201 $19,278,068 $24,802,203 $30,599,956 $35,152,712 $39,795,988 $41,949,272 $44,283,595 $46,617,919 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 Value of Current Property $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 $69,547,441 Less Base Year Value (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ (69,547,441) $ TOTAL INCREMENTAL VALUE: $10,004,201 $19,278,068 $24,802,203 $30,599,956 $35,152,712 $39,795,988 $41,949,272 $44,283,595 $46,617,919 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 $46,432,764 TAX RATE & INCREMENT ANALYSIS: 2018 Rates Salt Lake County 0.002025 20,259 39,038 50,224 61,965 71,184 80,587 84,947 89,674 94,401 94,026 94,026 94,026 94,026 94,026 94,026 94,026 94,026 94,026 94,026 94,026 1,626,570 1,050,521 Salt Lake County Library 0.000559 5,592 10,776 13,864 17,105 19,650 22,246 23,450 24,755 26,059 25,956 25,956 25,956 25,956 25,956 25,956 25,956 25,956 25,956 25,956 25,956 449,014 289,996 Granite School District 0.007822 78,253 150,793 194,003 239,353 274,965 311,284 328,127 346,386 364,645 363,197 363,197 363,197 363,197 363,197 363,197 363,197 363,197 363,197 363,197 363,197 6,282,977 4,057,863 Millcreek City 0.002012 20,128 38,787 49,902 61,567 70,727 80,070 84,402 89,099 93,795 93,423 93,423 93,423 93,423 93,423 93,423 93,423 93,423 93,423 93,423 93,423 1,616,128 1,043,776 South Salt Lake Valley Mosquito Abatement District 0.000015 150.06 289 372 459 527 597 629 664 699 696 696 696 696 696 696 696 696 696 696 696 12,049 7,782 Mt. Olympus Improvement District 0.000279 2,791 5,379 6,920 8,537 9,808 11,103 11,704 12,355 13,006 12,955 12,955 12,955 12,955 12,955 12,955 12,955 12,955 12,955 12,955 12,955 224,105 144,738 Central Utah Water Conservancy District 0.000400 4,002 7,711 9,921 12,240 14,061 15,918 16,780 17,713 18,647 18,573 18,573 18,573 18,573 18,573 18,573 18,573 18,573 18,573 18,573 18,573 321,298 207,510 Unified Fire Service Area 0.001858 18,588 35,819 46,082 56,855 65,314 73,941 77,942 82,279 86,616 86,272 86,272 86,272 86,272 86,272 86,272 86,272 86,272 86,272 86,272 86,272 1,492,428 963,885 Totals: 0.014970 149,763 288,593 371,289 458,081 526,236 595,746 627,981 662,925 697,870 695,098 695,098 695,098 695,098 695,098 695,098 695,098 695,098 695,098 695,098 695,098 12,024,567 7,766,070 TOTAL INCREMENTAL REVENUE IN PROJECT AREA: $149,763 $288,593 $371,289 $458,081 $526,236 $595,746 $627,981 $662,925 $697,870 $695,098 $695,098 $695,098 $695,098 $695,098 $695,098 $695,098 $695,098 $695,098 $695,098 $695,098 $12,024,567 $7,766,070 PROJECT AREA BUDGET 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Sources of Funds: 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 TOTALS NPV Property Tax Participation Rate for Budget Salt Lake County 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Salt Lake County Library 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Granite School District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Millcreek City 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% South Salt Lake Valley Mosquito Abatement District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Mt. Olympus Improvement District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Central Utah Water Conservancy District 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Unified Fire Service Area 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% 70% Property Tax Increment for Budget Salt Lake County $14,181 $27,327 $35,157 $43,375 $49,829 $56,411 $59,463 $62,772 $66,081 $65,818 $65,818 $65,818 $65,818 $65,818 $65,818 $65,818 $65,818 $65,818 $65,818 $65,818 $1,138,599 $735,364 Salt Lake County Library $3,915 $7,544 $9,705 $11,974 $13,755 $15,572 $16,415 $17,328 $18,242 $18,169 $18,169 $18,169 $18,169 $18,169 $18,169 $18,169 $18,169 $18,169 $18,169 $18,169 $314,310 $202,997 Granite School District $54,777 $105,555 $135,802 $167,547 $192,475 $217,899 $229,689 $242,470 $255,252 $254,238 $254,238 $254,238 $254,238 $254,238 $254,238 $254,238 $254,238 $254,238 $254,238 $254,238 $4,398,084 $2,840,504 Millcreek City $14,090 $27,151 $34,931 $43,097 $49,509 $56,049 $59,081 $62,369 $65,657 $65,396 $65,396 $65,396 $65,396 $65,396 $65,396 $65,396 $65,396 $65,396 $65,396 $65,396 $1,131,289 $730,644 South Salt Lake Valley Mosquito Abatement District $105 $202 $260 $321 $369 $418 $440 $465 $489 $488 $488 $488 $488 $488 $488 $488 $488 $488 $488 $488 $8,434 $5,447 Mt. Olympus Improvement District $1,954 $3,765 $4,844 $5,976 $6,865 $7,772 $8,193 $8,649 $9,104 $9,068 $9,068 $9,068 $9,068 $9,068 $9,068 $9,068 $9,068 $9,068 $9,068 $9,068 $156,874 $101,317 Central Utah Water Conservancy District $2,801 $5,398 $6,945 $8,568 $9,843 $11,143 $11,746 $12,399 $13,053 $13,001 $13,001 $13,001 $13,001 $13,001 $13,001 $13,001 $13,001 $13,001 $13,001 $13,001 $224,908 $145,257 Unified Fire Service Area $13,011 $25,073 $32,258 $39,798 $45,720 $51,759 $54,559 $57,595 $60,631 $60,390 $60,390 $60,390 $60,390 $60,390 $60,390 $60,390 $60,390 $60,390 $60,390 $60,390 $1,044,700 $674,720 Total Property Tax Increment for Budget: $104,834 $202,015 $259,902 $320,657 $368,365 $417,022 $439,586 $464,048 $488,509 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $8,417,197 $5,436,249 Uses of Tax Increment Funds: 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 TOTALS NPV Redevelopment Activities (Infrastructure, Relocation, 87.0% $91,206 $175,753 $226,115 $278,972 $320,478 $362,809 $382,440 $403,722 $425,003 $423,315 $423,315 $423,315 $423,315 $423,315 $423,315 $423,315 $423,315 $423,315 $423,315 $423,315 $7,322,962 $4,729,537 CRA Housing Requirement 10.0% $10,483 $20,201 $25,990 $32,066 $36,837 $41,702 $43,959 $46,405 $48,851 $48,657 $48,657 $48,657 $48,657 $48,657 $48,657 $48,657 $48,657 $48,657 $48,657 $48,657 $841,720 $543,625 RDA Administration 3.0% $3,145 $6,060 $7,797 $9,620 $11,051 $12,511 $13,188 $13,921 $14,655 $14,597 $14,597 $14,597 $14,597 $14,597 $14,597 $14,597 $14,597 $14,597 $14,597 $14,597 $252,516 $163,087 Total Uses $104,834 $202,015 $259,902 $320,657 $368,365 $417,022 $439,586 $464,048 $488,509 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $486,569 $8,417,197 $5,436,249 REMAINING TAX REVENUES FOR TAXING ENTITIES 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 TOTALS NPV Salt Lake County $6,078 $11,711 $15,067 $18,589 $21,355 $24,176 $25,484 $26,902 $28,320 $28,208 $28,208 $28,208 $28,208 $28,208 $28,208 $28,208 $28,208 $28,208 $28,208 $28,208 $487,971 $315,156 Salt Lake County Library $1,678 $3,233 $4,159 $5,132 $5,895 $6,674 $7,035 $7,426 $7,818 $7,787 $7,787 $7,787 $7,787 $7,787 $7,787 $7,787 $7,787 $7,787 $7,787 $7,787 $134,704 $86,999 Granite School District $23,476 $45,238 $58,201 $71,806 $82,489 $93,385 $98,438 $103,916 $109,394 $108,959 $108,959 $108,959 $108,959 $108,959 $108,959 $108,959 $108,959 $108,959 $108,959 $108,959 $1,884,893 $1,217,359 Millcreek City $6,039 $11,636 $14,971 $18,470 $21,218 $24,021 $25,321 $26,730 $28,139 $28,027 $28,027 $28,027 $28,027 $28,027 $28,027 $28,027 $28,027 $28,027 $28,027 $28,027 $484,838 $313,133 South Salt Lake Valley Mosquito Abatement District $45 $87 $112 $138 $158 $179 $189 $199 $210 $209 $209 $209 $209 $209 $209 $209 $209 $209 $209 $209 $3,615 $2,334 Mt. Olympus Improvement District $837 $1,614 $2,076 $2,561 $2,942 $3,331 $3,511 $3,707 $3,902 $3,886 $3,886 $3,886 $3,886 $3,886 $3,886 $3,886 $3,886 $3,886 $3,886 $3,886 $67,232 $43,422 Central Utah Water Conservancy District $1,201 $2,313 $2,976 $3,672 $4,218 $4,776 $5,034 $5,314 $5,594 $5,572 $5,572 $5,572 $5,572 $5,572 $5,572 $5,572 $5,572 $5,572 $5,572 $5,572 $96,389 $62,253 Unified Fire Service Area $5,576 $10,746 $13,825 $17,056 $19,594 $22,182 $23,383 $24,684 $25,985 $25,882 $25,882 $25,882 $25,882 $25,882 $25,882 $25,882 $25,882 $25,882 $25,882 $25,882 $447,728 $289,166 Total $44,929 $86,578 $111,387 $137,424 $157,871 $178,724 $188,394 $198,878 $209,361 $208,530 $208,530 $208,530 $208,530 $208,530 $208,530 $208,530 $208,530 $208,530 $208,530 $208,530 $3,607,370 $2,329,821 INCREMENTAL TAX ANALYSIS: ---PAGE BREAK--- Page I 24