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MILLCREEK COMMUNITY REINVESTMENT AGENCY RESOLUTION NO. 24-14 A RESOLUTION OF THE MILLCREEK COMMUNITY REINVESTMENT AGENCY ADOPTING THE COMMUNITY REINVESTMENT AGENCY (CRA) ANNUAL BUDGET FOR THE FISCAL YEAR BEGINNING JULY 1, 2024 AND ENDING JUNE 30, 2025 WHEREAS, the Millcreek Community Reinvestment Agency (“Agency”) met in regular meeting on June 24, 2024, to consider, among other things, adopting the Community Reinvestment Agency (CRA) annual budget for the fiscal year beginning July 1, 2024, and ending June 30, 2025; and WHEREAS, the Agency has adhered to appropriate public hearing requirements as required by law. NOW, THEREFORE, BE IT RESOLVED that the Millcreek Community Reinvestment Agency adopts the annual budget for fiscal year beginning July 1, 2024, and ending June 30, 2025. This Resolution, assigned No. 24-14, shall take effect immediately upon passage and acceptance as provided herein. PASSED AND APPROVED this 24th day of June, 2024. MILLCREEK COMMUNITY REINVESTMENT AGENCY ATTEST: Jeff Silvestrini, Chair Elyse Sullivan, Agency Recorder Roll Call Vote: Silvestrini Yes No Catten Yes No DeSirant Yes No Jackson Yes No Uipi Yes No ---PAGE BREAK--- millcreekUT.gov FY25 Tentative Budget 49 Summary Community Reinvestment Agency (CRA) Fund Budgets Millcreek Cntr Fund 201 West Millcreek Fund 202 Woodland Ave Fund 203 Olympus Hills Fund 204 MedTech Fund 205 CRA Housing Fund 220 Revenue Tax Increment - Millcreek Prop Taxes 95,000 235,000 2,000 - - - Tax Increment - Other Governments 660,000 1,635,000 8,000 - - - Transfer from Other Funds - Interfund Loan 300,000 - - 10,000 - - Transfer from Other Funds - Housing - - - - - 488,750 Budgetary Use of Fund Balance - - - - - - 1,055,000 1,870,000 10,000 10,000 - 488,750 Expenditures Tax Increment Commitments 40,000 240,000 - - - - Housing Projects - - - - - - Administrative Expenses 37,750 74,800 500 - - - Professional Services - - - 10,000 - - Series 2019 Debt Svc - Principal Pymt 140,000 - - - - - Series 2019 Debt Svc - Interest Pymt 718,300 - - - - - Miscellaneous Exp. 1,000 - - - - - Transfer to Other Funds- Interfund Loan - 310,000 - - - - Transfer to CRA Housing Fund 113,250 374,000 1,500 - - - Budgetary Addition to Fund Balance 4,700 871,200 8,000 - - 488,750 1,055,000 1,870,000 10,000 10,000 - 488,750 - - - - - - ---PAGE BREAK--- millcreekUT.gov FY25 Tentative Budget 50 Millcreek Center – Fund 201 CRA Budgets —cont’d The Millcreek City Center CRA was created in 2019 to assist in creating Millcreek’s new City Center, Millcreek Common. This project aims to create a downtown City Center and will include community gathering spaces, plazas, and a mix of uses to promote civic pride and enhance the city’s tax base—all while supporting local businesses and helping them thrive. Over the next 20 years, 75-80% of all new property tax revenue will be reinvested back into this project area for improvements such as Millcreek Common and the implementation of new sidewalks, streetlights, planter boxes, parking spaces, and structures. For more information on this project, please visit ---PAGE BREAK--- millcreekUT.gov FY25 Tentative Budget 51 West Millcreek – Fund 202 CRA Budgets —cont’d The West Millcreek CRA was transferred to the Millcreek Community Reinvestment Agency from Salt Lake County at the beginning of 2019. This project area includes 184 acres of multi-residential, minor commercial, and light industrial uses and is bordered by 200 East, I-15, 3900 South, and Big Cottonwood Creek. Recent focuses of this CRA include the completion of the Artesian Springs apartment complex, and the development of the Opus Green townhomes project which will include a trail walk and a children’s park. The goal of this CRA is to bring increased property tax revenue to the participating taxing entities, who will receive 20% of the tax increment until the project is complete. Until then, over the next 20 years, 80% will be reinvested into this project area by the Millcreek Community Reinvestment Agency. For more information on this project, please visit ---PAGE BREAK--- millcreekUT.gov FY25 Tentative Budget 52 CRA Budgets —cont’d Woodland Ave – Fund 203 The Woodland Avenue CRA lies within the boundaries of Millcreek’s new City Center, but the parcels within the new CRA were only annexed into Millcreek in July 2020; thus, Millcreek needed to create a new CRA to capture the tax increment to support the new City Center. This project aims to assist the Millcreek City Center CRA in creating a downtown City Center that will include community gathering spaces, plazas, and a mix of uses to promote civic pride and enhance the city’s tax base—all while supporting local businesses and helping them thrive. Millcreek plans on triggering the Woodland Ave CRA on or before March 1, 2023. Over the 20 years following the trigger date, 75-80% of all new property tax revenue will be reinvested into this project area for improvements such as Millcreek Common and the implementation of new sidewalks, streetlights, planter boxes, parking spaces, and structures. For more information on this project, please visit ---PAGE BREAK--- millcreekUT.gov FY25 Tentative Budget 53 CRA Budgets —cont’d Olympus Hills – Fund 204 The Mt. Olympus Shopping Center was completed in 1963, and Interstate 215 was completed on the east bench in 1969, leaving a narrow strip of undeveloped land between Wasatch Boulevard and the freeway. Elway Porsche would build their automobile dealership in a portion of that space if the community could help subsidize the costly parking structure required by the space constraints. The Olympus Hills CRA was put to work in 2023 to help gather property tax increment to reimburse Elway Porsche for this infrastructure. For more information on this project, please visit ---PAGE BREAK--- millcreekUT.gov FY25 Tentative Budget 54 MedTech CRA – Fund 205 CRA Budgets —cont’d The MedTech CRA was adopted in the spring of 2021. This project area includes approximately 91 acres of commercial and institutional uses. This project aims to enable the development of a new medical tower with an enhanced façade at St. Mark’s Hospital and influence the redevelopment of commercial and office space within the Project Area. This CRA aims to bring increased property tax revenue to the participating taxing entities, who will receive between 20-30% of the tax increment until the project is complete. Millcreek plans on triggering the MedTech CRA on or before March 1, 2025. Over the 20 years following the trigger date, 70-80% of all new property tax revenue will be reinvested into this project area for improvements such as the enhanced façade for St. Mark’s Hospital and the implementation of new sidewalks, streetlights, and improved transit stops. For more information on this project, please visit ---PAGE BREAK--- millcreekUT.gov FY25 Tentative Budget 55 CRA Budgets —cont’d CRA Housing – Fund 220 By state law, each Community Reinvestment Area must use at least 10% of the tax increment collected to support the city’s affordable housing goals. Some of Millcreek’s CRA project areas have even budgeted 15% or 20% of their increment for this important cause. In 2024, the CRA Affordable Housing Account was created to act as a repository of the funds created from these disparate CRAs. Having the affordable housing dollars all in one place will make it easier for policy makers to effectively leverage them for the public good.