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DRAFT PROJECT AREA BUDGET MILLCREEK CENTER COMMUNITY REINVESTMENT AREA (CRA) MILLCREEK COMMUNITY REINVESTMENT AGENCY, UTAH JANUARY 2019 ---PAGE BREAK--- Page I 2 Table of Contents TABLE OF CONTENTS 2 SECTION 1: INTRODUCTION 3 SECTION 2: DESCRIPTION OF COMMUNITY DEVELOPMENT PROJECT AREA 3 SECTION 3: GENERAL OVERVIEW OF PROJECT AREA BUDGET 4 SECTION 4: PROPERTY TAX INCREMENT 5 SECTION 5: COST/BENEFIT ANALYSIS 7 EXHIBIT A: PROJECT AREA MAP 8 EXHIBIT B: MULTI-YEAR BUDGET 9 ---PAGE BREAK--- Page I 3 Section 1: Introduction The Millcreek Community Reinvestment Agency (the “Agency”), following thorough consideration of the needs and desires of the City of Millcreek (the “City”) and its residents, as well as understanding the City’s capacity for new development, has carefully crafted the Project Area Plan (the “Plan”) for the Millcreek Center Community Reinvestment Project Area (the “Project Area”). The Plan is the result of a comprehensive evaluation of the types of appropriate land- uses and economic development opportunities for the land encompassed by the Project Area which includes parcels along both sides of 3300 South, between 900 East to the west and Highland Drive to the east. The Plan is envisioned to define the method and means of development for 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 development of the Project Area. This Project Area Budget document (the “Budget”) is predicated upon certain elements, objectives and conditions outlined in the Plan and intended to be used as a financing tool to assist the Agency in meeting Plan objectives discussed herein and more specifically referenced and identified in the Plan. The creation of the Project Area is being undertaken as a community reinvestment project pursuant to certain provisions of Chapters 1 and 5 of the Utah 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. Section 2: Description of Community Development Project Area The Project Area includes parcels along both sides of 3300 South, between 900 East to the west and Highland Drive to the east. The Project Area is comprised of approximately 164 acres of property. A map of the Project Area is attached hereto in EXHIBIT A. ---PAGE BREAK--- Page I 4 Section 3: General Overview of Project Area Budget The purpose of the Project Area Budget is to provide the financial framework necessary to implement the Project Area Plan vision and objectives. The Project Area Plan has identified that tax increment financing is essential to meet the objectives of the CRA Project Area. The following information will detail the sources and uses of tax increment and other necessary details needed for public officials, interested parties, and the public in general to understand the mechanics of the Project Area Budget. Base Year Value The Agency has determined that the base year property tax value for the Project Area will be the total taxable value for the 2017 tax year which is estimated to be $130,666,124. Using the tax rates established within the Project Area the property taxes levied equate to $1,956,072 annually. Accordingly, this amount will continue to flow through to each taxing entity proportional to the amount of their respective tax rates being levied. Payment Trigger The Project Area will have a twenty-year (20) duration from the date of the first tax increment received by the Agency. The collection of tax increment will be triggered at the discretion of the Agency prior to March 1 of the tax year in which they intend to begin the collection of increment. The following year in which this increment will be remitted to the Agency will be Year 1, e.g., if requested prior to March 1, 2019, Year 1 of increment will be 2020. The Agency anticipates it will trigger tax increment by March 1, 2019, but in no case will the Agency trigger the first year of tax increment collection after March 1, 2020. Projected Tax Increment Revenue – Total Generation Development within the Project Area will commence upon favorable market conditions which will include both horizontal and vertical infrastructure and development. The Agency anticipates that new development will begin in the Project Area in 2019. The contemplated development will generate significant additional property tax revenue as well as incremental sales and use tax above what is currently generated within the Project Area. Property Tax Increment will begin to be generated in the tax year (ending Dec 1st) following construction completion and Tax Increment will be paid to the Agency in March or April after collection. It is projected that property Tax Increment generation within the Project Area could begin as early as 2020 or as late as 2021. It is currently estimated that during the 20-year life of the Project Area Budget, property Tax Increment could be generated within the Project Area in the approximate amount of $41.89 million or at a net present value (NPV)1 of $26.41 million. This amount is over and above the $51.43 million of base taxes that the property would generate over 20 years at the $2,571,400 annual amount it currently generates as shown in Table 4.1 below. 1 Net Present Value of future cash flows assumes a 4% discount rate. The same 4% discount rate is used in all remaining NPV calculations. This total is prior to accounting for the flow-through of tax increment to the respective taxing entities. ---PAGE BREAK--- Page I 5 Section 4: Property Tax Increment Base Year Property Tax Revenue The taxing entities are currently receiving - and will continue to receive - property tax revenue from the current assessed value of the property within the Project Area (“Base Taxes”). The current assessed value is estimated to be $130,666,124. Based upon the tax rates in the area, the collective taxing entities are receiving $1,956,072 in property tax annually from this Project Area. This equates to approximately $39,121,438 over the 20-year life of the Project Area. TABLE 4.1: TOTAL BASE YEAR TO TAXING ENTITIES (OVER 20 YEARS) Entity Total NPV at 4% Salt Lake County $5,291,978 $3,595,985 Salt Lake County Library 1,460,847 992,670 Granite School District 20,441,409 13,890,271 Millcreek City 5,258,005 3,572,900 South Salt Lake Valley Mosquito Abatement District 39,200 26,637 Mt. Olympus Improvement District 729,117 495,447 Central Utah Water Conservancy District 1,045,329 710,318 Unified Fire Service Area 4,855,553 3,299,428 Total Revenue $39,121,438 $26,583,655 Property Tax Increment Shared with RDA All taxing entities that receive property tax generated within the Project Area, as detailed above, will share at least a portion of that increment generation with the Agency. All taxing entities will contribute a portion of their respective tax increment for 20 years. The City, County and the State will not contribute any portion of their incremental sales tax to implement the Project Area Plan. Table 4.2 shows the amount of Tax Increment shared with the Agency assuming the participation levels discussed above. TABLE 4.2: SOURCES OF TAX INCREMENT FUNDS Entity Percentage Length Total NPV at 4% Salt Lake County 75% 20 Years $4,250,245 $2,679,720 Salt Lake County Library 75% 20 Years 1,173,278 739,735 Granite School District 80% 20 Years 17,511,989 11,041,065 Millcreek City 80% 20 Years 4,504,490 2,840,018 South Salt Lake Valley Mosquito Abatement District 80% 20 Years 33,582 21,173 Mt. Olympus Improvement District 80% 20 Years 624,629 393,820 Central Utah Water Conservancy District 80% 20 Years 895,525 564,616 Unified Fire Service Area 80% 20 Years 4,159,713 2,622,641 Total Sources of Tax Increment Funds $33,153,451 $20,902,789 ---PAGE BREAK--- Page I 6 Uses of Tax Increment “But-for” the creation of the CRA and public participation, the costs associated with creating a city center, including: land assemblage, parking structures, site improvements, etc. will be too high and the land within the Project Area will remain in its current state. The Agency will use 5% of the tax increment to administer the CRA. Most of the remaining tax increment collected by the Agency will be used to overcome the obstacles outlined above Including: offsetting certain on-site public infrastructure costs, development incentives, Agency requested improvements and upgrades, desirable Project Area improvements, and other redevelopment activities as approved by the Agency. The remaining 15% will go towards affordable housing, as required by the Act. TABLE 4.3: USES OF TAX INCREMENT Uses Total NPV at 4% Redevelopment Activities $26,522,761 $16,722,231 CRA Housing Requirement 4,973,018 3,135,418 Project Area Administration 1,657,673 1,045,139 Total Uses of Tax Increment Funds $33,153,451 $20,902,789 A multi-year projection of tax increment is including in EXHIBIT B. Total Annual Property Tax Revenue for Taxing Entities at Conclusion of Project As described above, the collective taxing entities are currently receiving approximately $1,956,072 in property taxes annually from this Project Area. At the end of 20 years an additional $2,736,065 in property taxes annually is anticipated, totaling approximately $4,692,136 in property taxes annually for the area. “But for” the assistance provided by the Agency through tax increment revenues, this 140 percent increase in property taxes generated for the taxing entities would not be possible. TABLE 4.4: TOTAL BASE YEAR AND END OF PROJECT LIFE ANNUAL PROPERTY TAXES Entity Annual Base Year Property Taxes Annual Property Tax Increment at Conclusion of Project Total Annual Property Taxes Salt Lake County $264,599 $370,109 $634,708 Salt Lake County Library 73,042 102,168 175,211 Granite School District 1,022,070 1,429,626 2,451,696 Millcreek City 262,900 367,733 630,633 South Salt Lake Valley Mosquito Abatement District 1,960 2,742 4,702 Mt. Olympus Improvement District 36,456 50,993 87,449 Central Utah Water Conservancy District 52,266 73,108 125,374 Unified Fire Service Area 242,778 339,586 582,364 Total Revenue $1,956,072 $2,736,065 $4,692,136 ---PAGE BREAK--- Page I 7 Section 5: Cost/Benefit Analysis Additional Revenues Other Tax Revenues The development within the Project Area will also generate sales taxes for the City and County. Table 5.1 shows the total revenues generated by the Project Area. This total includes the anticipated property tax increment and sales and use tax. TABLE 5.1 TOTAL REVENUES Entity Property Tax Sales Tax Total Incremental Revenues Salt Lake County $5,666,993 $4,298,657 9,965,650 Salt Lake County Library 1,564,370 - 1,564,370 Granite School District 21,889,987 - 21,889,987 Millcreek City 5,630,613 2,456,375 8,086,988 South Salt Lake Valley Mosquito Abatement District 41,978 - 41,978 Mt. Olympus Improvement District 780,786 - 780,786 Central Utah Water Conservancy District 1,119,406 - 1,119,406 Unified Fire Service Area 5,199,641 - 5,199,641 Total Revenue $41,893,774 $6,755,032 $48,648,806 Additional Costs The development anticipated within the Project Area will also likely result in additional general government, public works, and public safety costs. These costs, along with the estimated budget to implement the Project Area Plan, are identified below. TABLE 5.2 TOTAL EXPENDITURES Entity CRA Budget General Government Public Works Public Safety Total Incremental Expenditures Salt Lake County $4,250,245 $154,190 - - $4,404,435 Salt Lake County Library 1,173,278 -2 - - 1,173,278 Granite School District 17,511,989 504,677 - - 18,016,666 Millcreek City 4,504,490 872,389 734,575 1,323,793 7,435,246 South Salt Lake Valley Mosquito Abatement District 33,582 2,134 - - 35,716 Mt. Olympus Improvement District 624,629 101,258 - - 725,887 Central Utah Water Conservancy District 895,525 62,869 - - 958,394 Unified Fire Service Area 4,159,713 253,095 - - 4,412,808 Total Expenditures $33,153,451 $1,950,612 $734,575 $1,323,793 $37,162,430 The total net benefit to the taxing entities of participating in the Project Area is $11,486,376, with the City’s net benefit being $651,742. 2 The Library’s General Government expenditure is included in the County’s $154,190 expense. ---PAGE BREAK--- Page I 8 Exhibit A: Project Area Map ---PAGE BREAK--- Page I 9 Exhibit B: Multi-Year Budget ---PAGE BREAK--- Millcreek Community Reinvestment Agency ASSUMPTIONS: Millcreek Center CRA Discount Rate 4.0% Increment and Budget Analysis Payment Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Tax Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 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 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 $130,666,124 Less Base Year Value (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ (130,666,124) $ 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 Improvement 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 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Sources of Funds: 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 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 Conservancy District 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% Unified Fire Service 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 Conservancy District $10,706 $21,803 $24,073 $27,928 $31,400 $35,208 $38,004 $40,870 $43,882 $47,195 $51,572 $54,993 $58,486 $58,486 $58,486 $58,486 $58,486 $58,486 $58,486 $58,486 $895,525 $564,616 Unified Fire Service 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: $396,357 $807,177 $891,206 $1,033,928 $1,162,453 $1,303,458 $1,406,960 $1,513,049 $1,624,554 $1,747,215 $1,909,276 $2,035,916 $2,165,238 $2,165,238 $2,165,238 $2,165,238 $2,165,238 $2,165,238 $2,165,238 $2,165,238 $33,153,451 $20,902,789 Uses of Tax Increment Funds: 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV Redevelopment Activities (Infrastructure, Relocation, Incentives, etc.) 80.0% $317,086 $645,742 $712,965 $827,142 $929,963 $1,042,766 $1,125,568 $1,210,439 $1,299,643 $1,397,772 $1,527,421 $1,628,733 $1,732,190 $1,732,190 $1,732,190 $1,732,190 $1,732,190 $1,732,190 $1,732,190 $1,732,190 $26,522,761 $16,722,231 CRA Housing Requirement 15.0% $59,454 $121,077 $133,681 $155,089 $174,368 $195,519 $211,044 $226,957 $243,683 $262,082 $286,391 $305,387 $324,786 $324,786 $324,786 $324,786 $324,786 $324,786 $324,786 $324,786 $4,973,018 $3,135,418 RDA Administration 5.0% $19,818 $40,359 $44,560 $51,696 $58,123 $65,173 $70,348 $75,652 $81,228 $87,361 $95,464 $101,796 $108,262 $108,262 $108,262 $108,262 $108,262 $108,262 $108,262 $108,262 $1,657,673 $1,045,139 Total Uses $396,357 $807,177 $891,206 $1,033,928 $1,162,453 $1,303,458 $1,406,960 $1,513,049 $1,624,554 $1,747,215 $1,909,276 $2,035,916 $2,165,238 $2,165,238 $2,165,238 $2,165,238 $2,165,238 $2,165,238 $2,165,238 $2,165,238 $33,153,451 $20,902,789 REMAINING TAX REVENUES FOR TAXING ENTITIES 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 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 Conservancy District $2,677 $5,451 $6,018 $6,982 $7,850 $8,802 $9,501 $10,217 $10,970 $11,799 $12,893 $13,748 $14,622 $14,622 $14,622 $14,622 $14,622 $14,622 $14,622 $14,622 $223,881 $141,154 Unified Fire Service 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 $104,493 $212,798 $234,951 $272,577 $306,460 $343,634 $370,920 $398,889 $428,285 $460,622 $503,347 $536,733 $570,827 $570,827 $570,827 $570,827 $570,827 $570,827 $570,827 $570,827 $8,740,323 $5,510,652 INCREMENTAL TAX ANALYSIS: Tax Increment Budget Millcreek Center CRA Budget 1.4.19.xlsx