Document Ogden_doc_336ecc0ee7

1 / 1 Ogden Redevelopment Agency Meeting: January 10, 2017 FY2016 OGDEN CITY REDEVELOPMENT AGENCY ANNUAL REPORT Action: Accept or Not Accept for Review Executive Summary A member of the Community and Economic Development staff will present and review the RDA Annual report for FY2016. The Board will consider accepting the report for review. The report will be posted to the City’s website within 72 hours of the meeting. Background The By-Laws of the Ogden City Redevelopment Agency require that the Board hold an annual meeting on the second available Tuesday in January of each year. The RDA Annual Report summarizes the RDA’s activity for the previous calendar year. Also included is the RDA Cash Flow Forecast based on information for FY2016. Additional audited financial information is included in the Ogden City Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2015. January 5, 2016 The Board Offices received an Administrative Transmittal presenting the FY2016 RDA Annual Report. Proposal The Administration is requesting that the Board accept the RDA FY2016 Annual Report for review. Staff Note: The financial information included with the RDA FY2016 Annual Report will be reviewed and discussed in a future discussion relating to the City’s Comprehensive Annual Financial Report (CAFR). Question Please give an overview of the highlights of the Ogden Redevelopment Agency’s activities for FY2016. Board Staff Contact: Janene Eller-Smith, (801) 629-8165 ---PAGE BREAK--- OGDEN CITY REDEVELOPMENT AGENCY TRANSMITTAL Date Received by Admin: Mark Johnson, CAO Date Sent to Board: DATE: January 3, 2017 TO: Ogden City Redevelopment Agency Board FROM: Tom Christopulos, CED Director TC SUBJECT: RDA Annual Report – July 1st 2015 to June 30th 2016 STAFF CONTACT: Brandon Cooper, CED Deputy Director BC REQUESTED TIMELINE: January 10, 2017 RECOMMENDATION: Information Only – No Action Required DOCUMENTS: RDA Annual Report The RDA annual report is for the period of July 1, 2015 to June 30, 2016 (FY16) and contains background information on each of the 23 project areas, financial information, and project area highlights. For further information, please contact Brandon Cooper at (801) 629-8947. ---PAGE BREAK--- ---PAGE BREAK--- REDEVELOPMENT AGENCY PROFILE REDEVELOPMENT, URBAN RENEWAL, AND ECONOMIC DEVELOPMENT PROJECT AREAS & MAP 05 REDEVELOPMENT PROJECT AREA PROFILES 12th Street 25th street American Can CBD Mall Fairmount Golden Links Hinckley Airport Lester Park Lincoln Avenue Ogden River Park Boulevard South CBD St. Benedict Manor Union Gardens Wall Avenue Washington Boulevard 37 E C O N O M I C D E V E L O P M E N T P R O J E C T A R E A P R O F I L E S Defense Depot Ogden Hinckley Drive South Wall Avenue Trackline West 12th Street URA AND CDA RENEWAL PROJECT AREA PROFILES Defense Depot Ogden Hinckley Drive South Wall Avenue Trackline West 12th Street 41 A ---PAGE BREAK--- B ---PAGE BREAK--- 1 REDEVELOPMENT AGENCY PROFILE Utah state legislation grants certain powers to local government to create redevelopment agencies (“the Agency”) to facilitate redevelopment of targeted areas, including using a portion of the property tax revenues (known as “tax increment”) generated by the renewal in the area to finance eligible redevelopment activities. On May 6, 1969 Ogden residents voted to establish a redevelopment agency to address deteriorating conditions that existed in the downtown area and inner city neighborhoods. The Agency is governed by a board; both of which are separate and distinct entities from the City and the City Council. Presently, the members of the Ogden City Council are designated as the governing Board of the Agency. The Mayor is designated as the Executive Director. The Council Executive Director acts as the Agency Board Administrator. The Agency contracts with Ogden City for project management and administrative services. Under the authority of Utah Code 17C - Limited Purpose Local Government Entities - Community Reinvestment Agency Act, as amended (the “Act”), the Agency adopts plans to guide development and investment activities in project areas. The Agency works closely with Ogden City and the private sector to implement the plans and facilitate improvements. Currently, the Agency has adopted four types of plans: RDAs, URAs, CDAs, and EDAs. Recent state legislation has amended the Act, merging and renaming the creation of an RDA, CDA, and URA into a single area named the Community Reinvestment Area For fiscal year 15-16, the Agency has yet to create a CRA. For the purpose of this report, RDAs, CDAs, EDAs, and URAs are listed separately. Tax increment financing is a useful tool available in project areas to support redevelopment. Tax increment is the incremental difference in property tax revenue due to the increase in the assessed value of the property after the project area is created. Tax increment revenue can be used by the Agency to offset certain costs incurred to implement the redevelopment plan, e.g., property acquisition, demolition, cost of improvements, etc. The use of tax increment in certain project area plans adopted after June 30, 1993 must be approved by an eight-member taxing entity committee (“TEC”) comprised of two representatives from the city, two from the county, two from the school district, one from the state office of education, and one representing the other smaller taxing entities. The TEC has authority to bind their respective taxing entities in approving or disapproving commitments of tax increment. The Agency presently has twenty-three (23) active redevelopment project areas - page 5. Within these various project areas, the Agency has used its resources to leverage private investment to facilitate numerous projects that have greatly impacted the quality of life in the community. ---PAGE BREAK--- 2 2 0 1 6 O C R D A L E A D E R S H I P & S T A F F RDA Governing Board Marcia White Chair Bart Blair Vice-Chair Richard Hyer Board Member Neil Garner Board Member Doug Stephens Board Member Luis Lopez Board Member Ben Nadolski Board Member Executive Director Michael P. Caldwell, Mayor – Ogden City Board Administrator Bill Cook, City Council Executive Director – Ogden City Taxing Entity Committee Natalie Grange Utah Office of Education Zane Woolstenhulme Ogden City School District Jeffrey Heiner Ogden City School District Doug Larsen Weber County Dan Olsen Weber County Marcia White Ogden City Tom Christopulos Ogden City Lance Wood Other Taxing Entities Agency Secretary Tracy Hansen, Ogden City Recorder This report is prepared in accordance with Title 17C-1-603 Utah Code Annotated, as amended. The report is for informational purposes and does not alter the amount of tax increment that the agency is entitled to collect from a project area. ---PAGE BREAK--- 3 OGDEN CITY PROJECT AREAS Created to assist with the demolition of the old Weber High School property at 12th Street and Washington Blvd. In preparation of development of a commercial center. Beginning in 2016 tax increment may only be used for recreation center purposes until 2022. 1 2 T H S T R E E T 1 9 8 7 Originally created to facilitate the development of the Ogden City Mall. After exceeding its useful life, the Mall was demolished in 2002 and the site was approved for a new mixed- use lifestyle center now known as The Junction. The expiration date of the project area was extended by vote of the taxing entities committee from tax year 2014 to 2026. C B D M A L L 1 9 7 7 Created to encourage appropriate development on and around the Ogden Hinckley Airport. Expires 2021. H I N C K L E Y A I R P O R T 1 9 8 9 Created to assist in the redevelopment of the 25th Street national historic district. This well-known project area has become a hub for downtown activity and has been the recipient of numerous local and national awards. Expires 2015; except on Eccles Building (Hampton Inn) 2017. No sunset ordinance. 2 5 T H S T R E E T 1 9 7 9 Created to assist in the redevelopment of the closed Volvo White GMC heavy truck plant. Beginning in 2018 tax increment may only be used for recreation center purposes until 2024. F A I R M O U N T 1 9 9 2 Created in support of developing residential inner-city housing. Beginning in 2012 tax increment may only be used for recreation center purposes until 2018. L E S T E R P A R K 1 9 8 6 Created to support redevelopment of the central downtown area, including construction of a 600-stall parking garage. Tax increment may only be used for recreation center purposes until 2015. Resolution to close the area and cease collecting tax increment was approved in 2015. W A S H I N G T O N B L V D 1 9 8 3 Created for the purpose of supporting the redevelopment of historic buildings, strengthening Ogden’s employment and tax base, and creating a mechanism to support additional downtown parking. Expires 2025. K E I S E L 2 0 1 5 Created to facilitate the attraction of new and the expansion of existing automobile dealerships along Wall Avenue. Expires 2022. S O U T H W A L L A V E 2 0 1 2 Created to facilitate the attraction of new commercial and manufacturing businesses to the otherwise blighted area known as the Ogden Stockyards. Expires 2033. T R A C K L I N E 2 0 1 3 Created to facilitate retail development on the east side of Washington Blvd. Between 20th and 24th streets. Residential development may also be assisted as opportunities arise. Expires 2031. EAST WASHI N GTO N 2 0 0 9 Created to facilitate development of four blocks in the general vicinity between Washington and Wall near the American Can property. Expires 2017. A M E R I C A N C A N 1 9 9 9 Created at the request of the Ogden Odd Fellows in support of a 1.4 acre not-for-profit housing project for the elderly and disabled. Beginning in 2013 tax increment may only be used for recreation center purposes until 2019. G O L D E N L I N K S 1 9 8 6 Created to assist with redevelopment of a two-block industrial area in the northwest section of downtown. Beginning in 2018 tax increment may only be used for recreation center purposes until 2024. L I N C O L N A V E 1 9 8 7 Created to fund replacement of deteriorated infrastructure and construction of new infrastructure required to convert DDO to a manufacturing and business park. Expires 2019. D D O 1 9 9 8 Created to facilitate expansion of the Williams International’s facility to manufacture jet engines. Expires 2016. H I N C K L E Y D R I V E 2 0 0 1 Created to facilitate redevelopment of the river neighborhood along the Ogden River between Washington Boulevard and Wall Avenue on the north boundary of the Central Business District. The expiration date of the project area was extended by vote of the taxing entities committee from tax year 2017 to 2027. O G D E N R I V E R 2 0 0 2 Created to eliminate blight in and around Park Boulevard near the Ogden River. Beginning in 2012 tax increment may only be used for recreation center purposes until 2018. P A R K B L V D 1 9 8 6 Created to convert the old hospital to a 100-unit apartment complex for seniors. Tax increment may only be used for recreation center purposes until 2015. Resolution to close the area and cease collecting tax increment was approved in 2015. S T . B E N E D I C T 1 9 8 1 Created to assist with the redevelopment of vacant warehousing and manufacturing space and to facilitate improvement of the vacant parcel on the 100 block of 25th Street as well as the Wall Avenue corridor. Expires 2018. W A L L A V E N U E 2 0 0 0 Created to facilitate development of low income housing for the disabled and elderly at 3rd Street and Adams Avenue. Tax increment may only be used for recreation center purposes until 2015. Resolution to close the area and cease collecting tax increment was approved in 2015. U N I O N G A R D E N S 1 9 8 1 Created to facilitate a major expansion of the Fresenius Medical’s manufacturing plant. Expires 2016. WEST 12 TH STREET 2 0 0 1 Created to facilitate improvement and expansion of an automobile dealership in the downtown area. Beginning in 2016 tax increment may only be used for recreation center purposes until 2022. S O U T H C B D 1 9 8 7 ---PAGE BREAK--- 4 N E S W ---PAGE BREAK--- 5 12TH STREET RDA PROJECT AREA E S T A B L I S H E D The 12th Street Redevelopment Project Area was established in 1987 and encompasses 23.64 acres. The area was formed to assist with the redevelopment of the old Weber High School property at 12th Street and Washington Boulevard, and also to refurbish the adjacent shopping center property. The developers for these projects were Shopko and Rayco. To assist with this development, the RDA borrowed $784,000, at no interest, from the developer. The RDA also agreed to pay the City O&A costs of $117,660. The $784,000 was used to assist the developers with demolition and infrastructure costs associated with preparing the site for development. The loan has been entirely paid. In 2005 a portion of the tax increment revenue from 10 project areas, including 12th Street, was pledged to repay the bonds issued for construction of the Recreation Center at The Junction. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Collected for the Recreation Center project. • Collected for RDA administrative and housing purpose During the last year, this project area has seen a whirlwind of new development, including new Chic-Fil-a and Wendy’s restaurants, a new Jiffy Lube, and a new Vasa Gym in the old Stop-n-Shop building. All of these new developments happened without direct incentive from the Agency. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T Beginning in 2015 tax increment may only be used for recreation center purposes until 2022. Area Boundary ---PAGE BREAK--- 6 Taxing Entity Tax Increment Rec Center Weber County $313,552 Ogden City School District $822,465 Ogden City $284,947 Weber Basin Water Conservancy Dist $17,289 Central Weber Sewer Improvement Dist $70,883 Weber County Mosquito Abatement Dist. $11,945 Weber Area Dispatch 911 and Emergency Services $25,461 Ogden City - Special Levy to Purchase Water $24,147 Taxing Entity Tax Increment Rec Center Weber County $219,450 Ogden City School District $575,630 Ogden City $199,430 Weber Basin Water Conservancy Dist $12,100 Central Weber Sewer Improvement Dist $49,610 Weber County Mosquito Abatement Dist. $8,360 Weber Area Dispatch 911 and Emergency Services $17,820 Ogden City - Special Levy to Purchase Water $17,600 12TH STREET ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $2,130,868 Prior Year’s Assessed Value: $16,353,494 Estimated Current Assessed Value: $16,353,494 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $200,405.11 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 32 Years Number of Years Remaining in the Collection Period: 7 Years Total Project Area Funds to be Received Cumulatively: $3,211,773 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $160,500 • Estimated Project Area Funds Paid for the Next Year: $160,500 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 1999 $30,444 $0 2000 $147,652 $0 2001 $116,142 $0 2002 $101,434 $0 2003 $100,530 $0 2004 $88,160 $0 2005 $99,613 $0 2006 $83,006 $55,611 2007 $98,297 $42,050 2008 $91,620 $39,265 2009 $91,128 $39,055 2010 $94,335 $40,429 2011 $92,547 $41,590 2012 $78,985 $51,061 2013 $96,026 $64,017 2014 $112,428 $48,183 2015 $117,737 $50,428 ---PAGE BREAK--- 7 25TH STREET RDA PROJECT AREA E S T A B L I S H E D The Agency created the 25th Street Redevelopment Project Area in 1979 to assist development of projects in the 25th Street Historic District. The RDA Project Area encompasses 38.04 acres of land. The Project Area is anchored by the historic Union Station on the west end and the 287- room Marriott Hotel two blocks east. The Agency initiated development of the hotel project by assembling the hotel site and financing its acquisition with tax increment bonds. Ogden City sold land it owned on the block to the Agency for $348,971.70 and financed this sale with a note bearing interest at 8 percent annually. To obtain other privately owned parcels for the hotel and adjacent parking, the Agency borrowed $2,300,000 from Commercial Security Bank (CSB), $418,938.21 from Ogden City general funds, and $160,000 from the City’s CDBG funds. In 1981 the Agency issued a $1,000,000 tax exempt tax allocation bond and obtained a second conventional loan for $552,000, secured by Agency property and anticipated taxed increment revenue. These two loans plus land sale proceeds and a $265,000 loan from the City to the Agency were used to pay off the original $2,300,000 CSB loan. In FY ‘82 and ‘83, the City loaned additional money to the Agency for payment of interest on outstanding loans. By FY ‘84 tax increment became sufficient to service the debt on these loans. In June 1983 the City loaned the Agency $578,679.87 to pay off the outstanding balance of principal and accrued interest on the $552,000 CSB conventional loan, and this loan became an interest- bearing debt of the Agency. The $1,000,000 bond was paid off in 1995. In 2001 the Agency issued a bond in the amount of $1,610,000 in support of an $11 million renovation of the Eccles Building. The Taxing Entities Committee approved using tax increment in the 25th Street Project Area until 2015, with the exception that tax increment generated from the Eccles Building would be available for an additional two years (until 2017) to service the debt on the bonds issued to renovate the Eccles Building. Area Boundary H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • First priority is to pay debt service on bonds issued to renovate the Eccles Building. • Secondary priority is to pay subordinated City debt. The City advanced funds to the RDA to assist in infrastructure and project development in the 25th Street Project Area. The outstanding balance is $1,003,106. There is insufficient tax increment cash flow to repay this advance in its entirety. The City has an allowance for any remaining balance. ---PAGE BREAK--- 8 Taxing Entity Tax Increment Rec Center Weber County $2,158,068 Ogden City School District $5,660,736 Ogden City $1,961,191 Weber Basin Water Conservancy Dist $118,991 Central Weber Sewer Improvement Dist $487,864 Weber County Mosquito Abatement Dist. $82,212 Weber Area Dispatch 911 and Emergency Services $175,242 Ogden City - Special Levy to Purchase Water $173,078 Taxing Entity Tax Increment Rec Center Weber County $27,432 Ogden City School District $71,956 Ogden City $24,929 Weber Basin Water Conservancy Dist $1,513 Central Weber Sewer Improvement Dist $6,201 Weber County Mosquito Abatement Dist. $1,045 Weber Area Dispatch 911 and Emergency Services $2,228 Ogden City - Special Levy to Purchase Water $2,200 25TH STREET ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $3,538,684 Prior Year’s Assessed Value: $39,405,019 Estimated Current Assessed Value: $39,405,019 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $637,562.55 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 25 Years Number of Years Remaining in the Collection Period: 2 Years Total Project Area Funds to be Received Cumulatively: $10,817,382 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $45,835 • Estimated Project Area Funds Paid for the Next Year: $45,835 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 91-98 $1,366,300 $0 1999 $300,231 $0 2000 $387,046 $0 2001 $391,473 $0 2002 $510,458 $0 2003 $462,617 $0 2004 $615,812 $0 2005 $610,036 $0 2006 $541,326 $0 2007 $601,024 $0 2008 $631,042 $0 2009 $611,818 $0 2010 $607,897 $0 2011 $621,602 $0 2012 $658,463 $0 2013 $723,448 $0 2014 $640,069 $0 2015 $674,224 $0 ---PAGE BREAK--- 9 AMERICAN CAN RDA PROJECT AREA E S T A B L I S H E D Created in 1999, The American Can Redevelopment Project Area is a four-block area located in the north west section of the Central Business District. The primary parcels targeted for redevelopment were the vacant 250,000 square foot American Can complex and Block 37, which is located on the east side of Wall Avenue between 22nd and 23rd Streets. Block 37 was purchased by the Agency and sold to The Boyer Company who developed the property as the Twin Rivers IRS office complex. The American Can property was acquired by a developer in 2007 who initiated renovation of the property. The total project cost, over a period of years, is estimated to be $21.5 million. The project is currently anchored by Amer Sports. The Agency authorized using 75% of the tax increment from the American Can property for project development via a development agreement with AmCan Properties, LLC. In addition, the Agency also authorized $4.1 million of tax increment to be used for construction and operation of a 500-stall parking garage adjacent to the American Can complex. The RDA borrowed $2.1 million to fund a portion of the cost of constructing the $4 million parking garage. The $2.1 million loan was repaid in FY2006 with bond proceeds from the Series 2005C-2 bonds which were issued in conjunction with redevelopment of the CBD Mall site. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Tax increment being collected for pledge made to AmCan Properties, LLC. • Tax increment being collected for the purpose of paying debt service on bonds related to the parking garage - $357,000 annually. • Tax increment being collected for Agency administrative costs and housing. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T 2017 Area Boundary ---PAGE BREAK--- 10 Taxing Entity Tax Increment Rec Center Weber County $1,246,097 Ogden City School District $3,268,584 Ogden City $1,132,418 Weber Basin Water Conservancy Dist $68,707 Central Weber Sewer Improvement Dist $281,699 Weber County Mosquito Abatement Dist. $47,470 Weber Area Dispatch 911 and Emergency Services $101,187 Ogden City - Special Levy to Purchase Water $99,938 Taxing Entity Tax Increment Rec Center Weber County $299,250 Ogden City School District $784,950 Ogden City $271,950 Weber Basin Water Conservancy Dist $16,500 Central Weber Sewer Improvement Dist $67,650 Weber County Mosquito Abatement Dist. $11,400 Weber Area Dispatch 911 and Emergency Services $24,300 Ogden City - Special Levy to Purchase Water $24,000 AMERICAN CAN ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $8,697,097 Prior Year’s Assessed Value: $43,427,173 Estimated Current Assessed Value: $43,427,173 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $605,100.08 Compared to Projected Funds at Project Area Creation: $888,281 Project Area Funds Collection Period: 15 Years Number of Years Remaining in the Collection Period: 3 Years Total Project Area Funds to be Received Cumulatively: $6,246,100 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $500,000 • Estimated Project Area Funds Paid for the Next Year: $500,000 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2004 $266,149 $0 2005 $268,347 $0 2006 $309,064 $0 2007 $385,468 $0 2008 $310,315 $0 2009 $400,461 $0 2010 $389,380 $0 2011 $478,957 $0 2012 $481,134 $0 2013 $494,709 $0 2014 $466,532 $0 2015 $495,558 $0 ---PAGE BREAK--- 11 CBD MALL RDA PROJECT AREA E S T A B L I S H E D The CBD Mall Redevelopment Project Area was established in 1977 and encompasses 48.45 acres of land in Ogden’s core downtown area. The Area was established to facilitate the development of a $56 million, 800,000 square foot regional mall by Ernest W. Hahn, Inc. The RDA issued $8,795,000 of tax increment revenue bonds in 1977 for land acquisition, relocation assistance for displaced businesses and capitalized interest to cover initial debt service payments. R D A P U R C H A S E O F T H E M A L L The mall was largely successful until the mid-1990s when it entered into an extended period of decline. In December 2001 the Agency purchased the mall for $6 million. Funding for the purchase came from a $10 million loan to the Agency from the City’s General Fund (source: BDO lease revenue funds). The Agency paid off the outstanding parking garage bonds, demolished the mall building, and prepared the overall site for new development. R E U S E A N D M A S T E R D E V E L O P M E N T G U I D E L I N E S A D O P T E D The Agency engaged Design Workshop, an urban planning firm, to assist the community in preparing reuse and master development guidelines for redeveloping the site. The proposed reuse and development guidelines generated through this process were approved by the Planning Commission and adopted by the Agency board. S I T E D E V E L O P M E N T On December 27, 2005 the Agency approved a Development and Lease Agreement between the Agency and The Boyer Company. In accordance with the agreement, the Agency renovated the parking garage and developed a high adventure recreation center, thereafter named the Salomon Center, to anchor the development. Based upon the Agency’s commitment, Boyer negotiated for the development of a multi-screen cinema complex and began construction of a 4 story office building as well as retail, restaurant, and urban residential space in accordance with the master plan. The City and the RDA have pledged certain revenues to cover debt service payments on the 2005 Series A, 2009A and 2009B bonds. Tax increment revenues from 10 other identified project areas in Ogden City are pledged for debt service of the 2005 Series A bonds. Lease revenues from Salomon recreation center are pledged for debt service for the 2009 Series A bonds. The 2009 Series B Area Boundary bonds have three revenue sources pledged, which include, tax increment revenue from the CBD Mall RDA project area, and City franchise tax. In February 2011 the Agency issued a tax increment revenue bond in the amount of $1.6 million to facilitate development of the Hilton Garden Inn. Existing Bonds were refunded in Jan. 2016. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Tax increment is being used to satisfy bond debt service as described above. • The City advanced funds to the Agency to assist in demolition and relocation activities associated with the Ogden City Mall. The outstanding balance is $1,751,601. There is insufficient tax increment cash flow to repay this advance and the City books an allowance against this entire amount. • Maintenance of the Junction. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T 2026 ---PAGE BREAK--- 12 Taxing Entity Tax Increment Rec Center Weber County $5,134,407 Ogden City School District $13,467,846 Ogden City $4,666,005 Weber Basin Water Conservancy Dist $283,100 Central Weber Sewer Improvement Dist $1,160,711 Weber County Mosquito Abatement Dist. $195,596 Weber Area Dispatch 911 and Emergency Services $416,929 Ogden City - Special Levy to Purchase Water $411,782 Taxing Entity Tax Increment Rec Center Weber County $3,249,770 Ogden City School District $8,524,335 Ogden City $2,953,300 Weber Basin Water Conservancy Dist $179,185 Central Weber Sewer Improvement Dist $734,660 Weber County Mosquito Abatement Dist. $123,801 Weber Area Dispatch 911 and Emergency Services $263,891 Ogden City - Special Levy to Purchase Water $260,633 CBD MALL ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $3,161,208 Prior Year’s Assessed Value: $81,202,507 Estimated Current Assessed Value: $81,202,507 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $1,388,170 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 49 Years Number of Years Remaining in the Collection Period: 10 Years Total Project Area Funds to be Received Cumulatively: $25,736,376 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $1,300,000 • Estimated Project Area Funds Paid for the Next Year: $1,300,000 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2002 $284,152 $0 2003 $12,222 $0 2004 $38,869 $0 2005 $110,596 $0 2006 $59,487 $0 2007 $117,700 $0 2008 $247,318 $0 2009 $1,029,401 $0 2010 $1,134,593 $0 2011 $1,206,132 $0 2012 $1,175,350 $0 2013 $1,294,441 $0 2014 $1,379,553 $0 2015 $1,356,988 $0 ---PAGE BREAK--- 13 FAIRMOUNT RDA PROJECT AREA E S T A B L I S H E D The Fairmount Project Area was created by the Agency in 1992 and encompasses 87 acres generally located near Avenue and the 31st Street Expressway. This project area was formed to assist in the redevelopment of the Volvo White GMC heavy truck plant. In 1992 the Agency issued tax increment bonds in the amount of $2,070,000 for the purpose of correcting detrimental conditions and deficiencies at the Volvo White facility in order to make the facility marketable and to reverse the regional economic hardship created with the closing of the truck manufacturing plant. The property was acquired by Autoliv and the bonds have been retired. In 2005 a portion of the tax increment revenue from 10 project areas, including Fairmount, was pledged to repay the bonds issued for construction of the Recreation Center at The Junction. In 2007 the Agency issued $3,300,000 in bonds to acquire a portion of the Autoliv site for construction of a distribution center and warehouse for US Foods. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Collected for the Recreation Center project. • Collected for US Foods bonds. In the event that tax increment exceeds bond debt service, US Foods is entitled to the difference. If tax increment collections are less than bond debt service, US Foods is required to make up the difference. • Collected for Agency administrative and housing purposes. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T Beginning in 2018, tax increment may only be collected for Recreation Center purposes until 2024. Area Boundary ---PAGE BREAK--- 14 Taxing Entity Tax Increment Rec Center Weber County $2,194,211 $2,561,181 Ogden City School District $5,755,541 $6,718,125 Ogden City $1,994,037 $2,327,529 Weber Basin Water Conservancy Dist $120,984 $141,218 Central Weber Sewer Improvement Dist $496,035 $578,994 Weber County Mosquito Abatement Dist. $83,589 $97,569 Weber Area Dispatch 911 and Emergency Services $178,176 $207,976 Ogden City - Special Levy to Purchase Water $175,977 $205,408 Taxing Entity Tax Increment Rec Center Weber County $295,605 $1,956,649 Ogden City School District $775,388 $5,132,402 Ogden City $268,637 $1,778,147 Weber Basin Water Conservancy Dist $16,299 $107,885 Central Weber Sewer Improvement Dist $66,826 $442,330 Weber County Mosquito Abatement Dist. $11,261 $74,539 Weber Area Dispatch 911 and Emergency Services $24,004 $158,886 Ogden City - Special Levy to Purchase Water $23,708 $156,924 FAIRMOUNT ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $2,558,959 Prior Year’s Assessed Value: $880,944.94 Estimated Current Assessed Value: $880,944.94 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $1,188,228.84 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 32 Years Number of Years Remaining in the Collection Period: 9 Years Total Project Area Funds to be Received Cumulatively: $25,736,376 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $873,300 • Estimated Project Area Funds Paid for the Next Year: $873,300 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 1999 $448,404 $0 2000 $485,496 $0 2001 $550,481 $0 2002 $492,632 $0 2003 $550,569 $0 2004 $546,825 $0 2005 $305,059 $199,100 2006 $428,226 $285,484 2007 $454,519 $150,965 2008 $552,123 $184,041 2009 $499,741 $215,036 2010 $652,657 $279,439 2011 $864,230 $301,298 2012 $892,938 $325,297 2013 $892,557 $331,927 2014 $900,365 $385,870 2015 $873,254 $371,780 ---PAGE BREAK--- 15 GOLDEN LINKS RDA PROJECT AREA E S T A B L I S H E D The Golden Links Redevelopment Project Area was formed in 1986 and, at 1.44 acres, is the smallest of Ogden’s redevelopment project areas. The area consists exclusively of property owned by the Independent Order of Odd Fellows, mostly at the center of a city block. The project area was established in response of a request by the Odd fellows for assistance in developing a not-for-profit housing project for the elderly and disabled. The Odd fellows had already obtained most of the funding for the project from HUD. However, to help the Odd fellows with land costs that HUD would not cover and to pay for aesthetic changes that HUD refused to fund, but which the City felt were important to mitigate the impact of the project, the City loaned the Agency $70,000. The Agency loaned this money to the Odd Fellows to assist with the development of the project. The interest rate was established at the inter-fund rate, and the City assessed the O&A charges of $10,500. The loan, interest and O&A were repaid through tax increment. The Odd Fellows also agreed not to request tax exempt status for at least 15 years. They further agreed to try to acquire and develop other small contiguous parcels on the interior of the block that had no street frontage. They were able to obtain one such parcel as a donation form Smith’s Management Company and developed it as a mini-park for the use of Golden Links tenants, thereby further enhancing the attractiveness of the project. In 2005 a portion of the tax increment revenue from 10 project areas, including Golden Links, was pledged to repay the bonds issued for construction of the Recreation Center at The Junction. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Collected for Recreation Center project. • Collected for RDA administration and housing eligible costs. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T Beginning in 2013, tax increment may only be used for recreation center purposes until 2019. Area Boundary ---PAGE BREAK--- 16 Taxing Entity Tax Increment Rec Center Weber County $7,017 $751 Ogden City School District $18,407 $1,970 Ogden City $6,377 $683 Weber Basin Water Conservancy Dist $387 $41 Central Weber Sewer Improvement Dist $1,586 $170 Weber County Mosquito Abatement Dist. $267 $29 Weber Area Dispatch 911 and Emergency Services $570 $61 Ogden City - Special Levy to Purchase Water $563 $60 Taxing Entity Tax Increment Rec Center Weber County $579 Ogden City School District $1,518 Ogden City $526 Weber Basin Water Conservancy Dist $32 Central Weber Sewer Improvement Dist $131 Weber County Mosquito Abatement Dist. $22 Weber Area Dispatch 911 and Emergency Services $47 Ogden City - Special Levy to Purchase Water $46 GOLDEN LINKS ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $42,510 Prior Year’s Assessed Value: $8,899 Estimated Current Assessed Value: $8,899 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $722.67 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 32 Years Number of Years Remaining in the Collection Period: 4 Years Total Project Area Funds to be Received Cumulatively: $40,449 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $725 • Estimated Project Area Funds Paid for the Next Year: $725 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2000 $8,665 $0 2001 $7,708 $0 2002 $7,655 $0 2003 $7,081 $0 2004 $193 $0 2005 $437 $278 2006 $421 $281 2007 $518 $222 2008 $449 $192 2009 $370 $249 2010 $386 $257 2011 $395 $263 2012 $438 $292 2013 $449 $300 2014 $0 $727 2015 $0 $705 ---PAGE BREAK--- 17 HINCKLEY AIRPORT RDA PROJECT AREA E S T A B L I S H E D The Hinckley Airport Redevelopment Project Area was established in 1989 and encompasses 115 acres. The project area was formed to facilitate commercial and manufacturing development of the 26-plus acre privately owned parcel immediately adjacent to the south side of the airport and, as the market justifies, redevelopment of the west side of the airport. In 2003, Kemp Development commenced development of the Ogden Gateway Center. The first phase of development included constructing an 80,000 square foot terminal/hangar building. Several airport-related tenants have leased space in Building One. Kemp constructed a second building containing 55,000 square feet of manufacturing/hangar space and 36,000 square feet of office/commercial space. The Agency has pledged the available tax increment from the project area to support development and implementation of the RDA plan. The tax increment generated in this project area will be distributed according to a statutory schedule. Beginning with the first year that tax increment is collected, 100% is available for project development costs. Every five years thereafter, however, the percentage available to the project is reduced as indicated hereafter: 100% 2005-2009 80% 2010-2014 75% 2015-2019 70% 2020-2021 H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Tax increment is being paid pursuant to the Development Agreement with MTK Holdings • No tax increment is being collected for RDA administrative purposes. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T 2021 Area Boundary ---PAGE BREAK--- 18 Taxing Entity Tax Increment Rec Center Weber County $537,326 Ogden City School District $1,409,436 Ogden City $488,307 Weber Basin Water Conservancy Dist $29,627 Central Weber Sewer Improvement Dist $121,471 Weber County Mosquito Abatement Dist. $20,470 Weber Area Dispatch 911 and Emergency Services $43,632 Ogden City - Special Levy to Purchase Water $43,094 Taxing Entity Tax Increment Rec Center Weber County $222,816 Ogden City School District $584,460 Ogden City $202,489 Weber Basin Water Conservancy Dist $12,286 Central Weber Sewer Improvement Dist $50,371 Weber County Mosquito Abatement Dist. $8,488 Weber Area Dispatch 911 and Emergency Services $18,093 Ogden City - Special Levy to Purchase Water $17,870 HINCKLEY AIRPORT ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $150,265 Prior Year’s Assessed Value: $12,835,878 Estimated Current Assessed Value: $12,835,878 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $169,174.2 Compared to Projected Funds at Project Area Creation: $175,000 Project Area Funds Collection Period: 16 Years Number of Years Remaining in the Collection Period: 6 Years Total Project Area Funds to be Received Cumulatively: $2,693,362t R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $162,172 • Estimated Project Area Funds Paid for the Next Year: $162,172 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2006 $87,595 $0 2007 $89,474 $0 2008 $101,359 $0 2009 $213,891 $0 2010 $215,701 $0 2011 $191,675 $0 2012 $192,882 $0 2013 $163,600 $0 2014 $158,139 $0 2015 $162,172 $0 ---PAGE BREAK--- 19 LESTER PARK RDA PROJECT AREA E S T A B L I S H E D The Lester Park Redevelopment Project Area was established in 1986 and encompasses 76 acres. The Area was formed to undertake projects that would upgrade and support the residential character of the neighborhood and improve the quality of the commercial development in support of the neighborhood. The redevelopment of vacant/under-utilized land, especially interior block areas, is a key aspect of this revitalization effort. Improvements to public facilities and rehabilitation of existing buildings are also primary elements of the plan for this area. As part of this effort, the Kier Corporation’s renovation of the Fontanelle Apartments on Monroe Boulevard began shortly after the project area was formed. To assist Kier’s efforts in renovating this vacant, seriously deteriorated building, the Agency loaned Kier $80,000 of CDBG funds to assist with the purchase of the property. Of this amount, $45,000 was a loan to Kier and the other $35,000 was a grant to be repaid from tax increment. The City loaned the Agency the $35,000 at the inter-fund rate. With this loan, the City also assessed the Agency administrative costs of $3,000, to be paid from tax increment. Other smaller amounts of debt have been incurred in this area in the demolition of buildings and related costs of maintaining the Agency-owned property. In 2005 a portion of the tax increment revenue from 10 project areas, including Lester Park, was pledged to repay the bonds issued for construction of the Recreation Center at The Junction. The Agency will collect 60% of the tax increment in the Lester Park Area until 2011. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Collected for the Recreation Center project. • Collected for RDA administrative and housing costs. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T Beginning with 2012 tax increment may only be used for recreation center purposes until 2018. Area Boundary ---PAGE BREAK--- 20 Taxing Entity Tax Increment Rec Center Weber County $162,122 $107,552 Ogden City School District $425,257 $282,115 Ogden City $147,332 $97,740 Weber Basin Water Conservancy Dist $8,939 $5,930 Central Weber Sewer Improvement Dist $36,650 $24,314 Weber County Mosquito Abatement Dist. $6,176 $4,097 Weber Area Dispatch 911 and Emergency Services $13,165 $8,734 Ogden City - Special Levy to Purchase Water $13,002 $8,626 Taxing Entity Tax Increment Rec Center Weber County $45,869 Ogden City School District $120,317 Ogden City $41,685 Weber Basin Water Conservancy Dist $2,529 Central Weber Sewer Improvement Dist $10,369 Weber County Mosquito Abatement Dist. $1,747 Weber Area Dispatch 911 and Emergency Services $3,725 Ogden City - Special Levy to Purchase Water $3,679 LESTER PARK ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $8,645,756 Prior Year’s Assessed Value: $16,796,585 Estimated Current Assessed Value: $16,796,585 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $114,532.87 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 32 Years Number of Years Remaining in the Collection Period: 3 Years Total Project Area Funds to be Received Cumulatively: $1,581,669 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $92,975 • Estimated Project Area Funds Paid for the Next Year: $92,975 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 1999 $16,360 $0 2000 $46,813 $0 2001 $48,309 $0 2002 $45,100 $0 2003 $78,505 $0 2004 $93,592 $0 2005 $119,856 $25,817 2006 $22,777 $30,425 2007 $63,394 $27,246 2008 $55,075 $36,718 2009 $52,630 $35,086 2010 $63,089 $42,060 2011 $52,581 $35,054 2012 $54,125 $37,295 2013 $0 $86,448 2014 $0 $89,984 2015 $438 $92,975 ---PAGE BREAK--- 21 LINCOLN AVENUE RDA PROJECT AREA E S T A B L I S H E D The Lincoln Avenue Redevelopment Project Area was established in 1987 and encompasses 25.54 acres between Lincoln and Wall Avenue and between 23rd and 25th Streets. This project area was formed to help with the redevelopment of the blighted area west of the Ogden Park Hotel and adjacent to Historic 25th Street. The City participated in the acquisition and improvements related to the redevelopment of the former Burton Walker Lumber Company site to accommodate Amalgamated Sugar’s corporate headquarters and to develop parking for Historic 25th Street. A significant addition to the project area has been the acquisition and renovation of the Scowcroft Building by Cottonwood Partners as lease space to GSA for IRS use. In 2012, The Agency, once again, worked closely with the General Services Administration to identify a site for a new IRS facility in downtown Ogden. The site selected for the new office building is on the NW corner of the intersection of Lincoln Avenue and 24th Street which is within the Lincoln Avenue Redevelopment Project Area. The Boyer Company was selected by GSA to be the developer for a 149,500 SF four story office building employing approximately 750 IRS workers. In 2005 a portion of the tax increment revenue from 10 project areas, including Lincoln, was pledged to repay the bonds issued for construction of the Recreation Center at The Junction. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Collected for the Recreation Center project. • Collected for RDA administrative and housing purposes. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T Beginning in 2018, tax increment may only be used for recreation center purposes until 2024. Area Boundary ---PAGE BREAK--- 22 Taxing Entity Tax Increment Rec Center Weber County $595,585 $843,159 Ogden City School District $1,562,253 $2,211,655 Ogden City $541,250 $766,239 Weber Basin Water Conservancy Dist $32,839 $46,490 Central Weber Sewer Improvement Dist $134,641 $190,609 Weber County Mosquito Abatement Dist. $22,689 $32,120 Weber Area Dispatch 911 and Emergency Services $48,363 $68,467 Ogden City - Special Levy to Purchase Water $47,766 $67,622 Taxing Entity Tax Increment Rec Center Weber County $137,047 $649,373 Ogden City School District $359,483 $1,703,342 Ogden City $124,545 $590,132 Weber Basin Water Conservancy Dist $7,556 $35,805 Central Weber Sewer Improvement Dist $30,982 $146,801 Weber County Mosquito Abatement Dist. $5,221 $24,738 Weber Area Dispatch 911 and Emergency Services $11,129 $52,731 Ogden City - Special Levy to Purchase Water $10,991 $52,080 LINCOLN AVENUE ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $5,032,087 Prior Year’s Assessed Value: $40,027,860 Estimated Current Assessed Value: $40,027,860 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $491,123.83 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 32 Years Number of Years Remaining in the Collection Period: 9 Years Total Project Area Funds to be Received Cumulatively: $7,211,747 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $335,000 • Estimated Project Area Funds Paid for the Next Year: $335,000 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 1999 $11,845 $0 2000 $22,054 $0 2001 $35,913 $0 2002 $24,756 $0 2003 $34,701 $0 2004 $45,153 $0 2005 $159,850 $80,368 2006 $156,750 $92,814 2007 $163,506 $54,277 2008 $130,758 $43,586 2009 $121,188 $52,139 2010 $128,938 $55,205 2011 $147,163 $62,922 2012 $141,810 $60,713 2013 $333,715 $142,817 2014 $326,879 $140,091 2015 $350,596 $149,287 ---PAGE BREAK--- 23 OGDEN RIVER RDA PROJECT AREA E S T A B L I S H E D The Ogden River Redevelopment Project Area was established on August 27, 2002 for the purpose of developing a mixed-use, mixed-income urban riverfront neighborhood on the northern edge of Ogden’s downtown business district. The RDA adopted a 15-year tax increment budget when the Project Area was established based on projected private investment of $150 million in the Project Area. The tax increment generated from the development was budgeted as follows: $11,250,000 (53.59%); project expenses $3,000,000 (14.29%); housing-related expenses $750,000 RDA administrative costs $5,991,224 (28.54%); pass-through to taxing entities. The City entered into a $3 million line-of-credit agreement with First National Bank in FY2006 to fund Ogden River Project property acquisitions and demolition activities. During FY 2011 the RDA approved a tax increment loan from the BDO Project Area to the Ogden River Project Area in the amount of $1.7 million to retire the line-of-credit with First National Bank. The BDO loan carries a 0% interest rate and matures on June 30, 2014. Also in FY2006, the City authorized a $2.5 million loan to the RDA to be used with the bank loan for the purpose of acquiring properties. The City loan was a five year, 0% interest loan to be repaid from land sale proceeds that are not part of development agreement incentives. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Tax increment funds are being used for property acquisition and property maintenance. • Pursuant to a development agreement, tax increment funds are being used as an incentive to Shonik, LLC for the construction of the Gear:30 building. • Pursuant to a development agreement, tax increment funds are being used as an incentive to Ogden 20th Street Investors, LLC for the construction of the View on 20th apartments. • The DDO EDA Project Area made a loan with a current principal balance of $702,423. This loan paid a line-of-credit from First National Bank, carries a 0% interest rate and will mature on June 28, 2014. Of the $2.5 million authorized by the City in FY 2006, the RDA has only drawn $2 million. • The City made a loan from the Refuse Fund with a principal balance of $2,042,191 and will mature on June 30, 2016. Area Boundary L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T Beginning in 2012, tax increment may only be used for recreation center purposes until 2018. ---PAGE BREAK--- 24 Taxing Entity Tax Increment Rec Center Weber County $2,992,500 Ogden City School District $7,849,500 Ogden City $2,719,500 Weber Basin Water Conservancy Dist $165,000 Central Weber Sewer Improvement Dist $676,500 Weber County Mosquito Abatement Dist. $114,000 Weber Area Dispatch 911 and Emergency Services $243,000 Ogden City - Special Levy to Purchase Water $240,000 Taxing Entity Tax Increment Rec Center Weber County $2,888,283 Ogden City School District $7,576,132 Ogden City $2,624,790 Weber Basin Water Conservancy Dist $159,254 Central Weber Sewer Improvement Dist $652,940 Weber County Mosquito Abatement Dist. $110,030 Weber Area Dispatch 911 and Emergency Services $234,537 Ogden City - Special Levy to Purchase Water $231,642 OGDEN RIVER ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $10,445,578 Prior Year’s Assessed Value: $19,568,608 Estimated Current Assessed Value: $19,568,608 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $112,898 Compared to Projected Funds at Project Area Creation: $1,267,134 Project Area Funds Collection Period: 25 Years Number of Years Remaining in the Collection Period: 11 Years Total Project Area Funds to be Received Cumulatively: $15,000,000 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $99,000 • Estimated Project Area Funds Paid for the Next Year: $99,000 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2008 $561 2009 $98,590 2010 $54,250 2011 $58,575 2012 $47,054 2013 $55,922 2014 $98,253 2015 $109,193 ---PAGE BREAK--- 25 PARK BOULEVARD RDA PROJECT AREA E S T A B L I S H E D The Park Boulevard Redevelopment Project Area was established in 1986, covering 43.60 acres. This project area was established to eliminate and prevent the spread of blight through the clearance of blighted buildings, replacement of public infrastructure, and redevelopment of land for commercial and residential purposes. In 2005 a portion of the tax increment revenue from 10 project areas, including Park Blvd., was pledged to repay the bonds issued for construction of the recreation center at The Junction. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Collected for the recreation center project. • Collected for RDA administrative and housing purposes. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T Beginning in 2012, tax increment may only be used for recreation center purposes until 2018. Area Boundary ---PAGE BREAK--- 26 Taxing Entity Tax Increment Rec Center Weber County $99,071 $76,842 Ogden City School District $259,869 $201,562 Ogden City $90,033 $69,832 Weber Basin Water Conservancy Dist $5,463 $4,237 Central Weber Sewer Improvement Dist $22,397 $17,371 Weber County Mosquito Abatement Dist. $3,774 $2,927 Weber Area Dispatch 911 and Emergency Services $8,045 $6,240 Ogden City - Special Levy to Purchase Water $7,946 $6,163 Taxing Entity Tax Increment Rec Center Weber County $18,868 Ogden City School District $49,493 Ogden City $17,147 Weber Basin Water Conservancy Dist $1,040 Central Weber Sewer Improvement Dist $4,265 Weber County Mosquito Abatement Dist. $719 Weber Area Dispatch 911 and Emergency Services $1,532 Ogden City - Special Levy to Purchase Water $1,513 PARK BOULEVARD ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $4,122,203 Prior Year’s Assessed Value: $8,487,441 Estimated Current Assessed Value: $8,487,441 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $60,758.51 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 32 Years Number of Years Remaining in the Collection Period: 3 Years Total Project Area Funds to be Received Cumulatively: $881,772 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $63,200 • Estimated Project Area Funds Paid for the Next Year: $63,200 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2000 $46,943 $0 2001 $50,682 $0 2002 $43,224 $0 2003 $49,425 $0 2004 $41,722 $0 2005 $67,617 $16,783 2006 $23,416 $19,909 2007 $43,693 $14,962 2008 $27,649 $18,433 2009 $26,785 $17,857 2010 $25,877 $17,252 2011 $24,191 $16,127 2012 $25,087 $17,282 2013 $0 $28,863 2014 $0 $59,940 2015 $0 $63,188 ---PAGE BREAK--- 27 SOUTH CBD RDA PROJECT AREA E S T A B L I S H E D The South CBD Redevelopment Area was established in 1987 and covers 28.54 acres. This project area was established to encourage Hinckley Dodge to construct new facilities in the downtown area for its automobile dealership. The project would act as an anchor for the south end of the central business district. The Agency borrowed $200,000 from the developer to assist with demolition, site improvements and streetscape at Hinckley Dodge. The obligation was paid off in FY2005. In 2005 a portion of the tax increment revenue from 10 project areas, including South CBD, was pledged to repay the bonds issued for construction of the Recreation Center at The Junction. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Collected for the Recreation Center project. • Collected for Agency administrative and housing purposes. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T Beginning in 2016 tax increment may only be used for recreation center purposes until 2022. Area Boundary ---PAGE BREAK--- 28 Taxing Entity Tax Increment Rec Center Weber County $125,958 $65,629 Ogden City School District $330,394 $172,148 Ogden City $114,467 $59,642 Weber Basin Water Conservancy Dist $6,945 $3,619 Central Weber Sewer Improvement Dist $28,475 $14,836 Weber County Mosquito Abatement Dist. $4,798 $2,500 Weber Area Dispatch 911 and Emergency Services $10,228 $5,329 Ogden City - Special Levy to Purchase Water $10,102 $5,263 Taxing Entity Tax Increment Rec Center Weber County $44,050 Ogden City School District $115,545 Ogden City $40,031 Weber Basin Water Conservancy Dist $2,429 Central Weber Sewer Improvement Dist $9,958 Weber County Mosquito Abatement Dist. $1,678 Weber Area Dispatch 911 and Emergency Services $3,577 Ogden City - Special Levy to Purchase Water $3,533 SOUTH CBD ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $5,837,508 Prior Year’s Assessed Value: $11,166,143 Estimated Current Assessed Value: $11,166,143 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $74,817.24 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 32 Years Number of Years Remaining in the Collection Period: 7 Years Total Project Area Funds to be Received Cumulatively: $960,333 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $32,250 • Estimated Project Area Funds Paid for the Next Year: $32,250 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 1999 $5,584 $0 2000 $22,561 $0 2001 $26,699 $0 2002 $55,221 $0 2003 $69,532 $0 2004 $171,346 $0 2005 $28,008 $0 2006 $21,909 $0 2007 $11,499 $4,912 2008 $13,017 $5,579 2009 $21,640 $9,274 2010 $28,746 $12,320 2011 $29,766 $13,853 2012 $16,924 $10,928 2013 $19,468 $12,978 2014 $42,432 $18,185 2015 $47,016 $20,138 ---PAGE BREAK--- 29 ST. BENEDICT MANOR RDA PROJECT AREA E S T A B L I S H E D The St. Benedict Manor Redevelopment Project Area was formed in October 1981 to encompass 250 acres. This project area was established to facilitate the completion of two projects: 1) the renovation of the vacant former St. Benedict's Hospital into a 100-unit apartment complex for the elderly and handicapped; and 2) the development of the Mt. Ogden Park and Golf Course. Both projects have become valuable assets on the eastern edge of the City. To initiate the St. Benedict’s project, Ogden City obtained a HUD Section 108 loan of $644,772, secured by future years’ CDBG funds. The City loaned this money to the Agency, which in turn provided it to Intermountain Development, the developer of St. Benedict’s Manor. In addition, in 1986 tax increment was also used to pay the City a one-time overhead and administration (O&A) fee of $83,215.80. In 2005 a portion of the tax increment revenue from 10 project areas, including St. Benedict Manor, was pledged to repay the bonds issued for construction of the Recreation Center at The Junction. H O W T A X I N C R E M E N T I S B E I N G U S E D • Collected for Recreation Center. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T Tax increment may only be used for recreation center purposes until 2015. Area Boundary ---PAGE BREAK--- 30 Taxing Entity Tax Increment Rec Center Weber County $333,276 $333,276 Ogden City School District $874,203 $874,203 Ogden City $302,872 $302,872 Weber Basin Water Conservancy Dist $18,376 $18,376 Central Weber Sewer Improvement Dist $75,342 $75,342 Weber County Mosquito Abatement Dist. $12,696 $12,696 Weber Area Dispatch 911 and Emergency Services $27,063 $27,063 Ogden City - Special Levy to Purchase Water $26,729 $26,729 Taxing Entity Tax Increment Rec Center Weber County Ogden City School District Ogden City Weber Basin Water Conservancy Dist Central Weber Sewer Improvement Dist Weber County Mosquito Abatement Dist. Weber Area Dispatch 911 and Emergency Services Ogden City - Special Levy to Purchase Water ST. BENEDICT MANOR ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $426,616 Prior Year’s Assessed Value: $15,336,670 Estimated Current Assessed Value: $15,336,670 P R O J E C T A R E A F U N D S R E C E I V E D Previous Year’s Actual Project Area Funds Received: $220,366.66 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 32 Years Number of Years Remaining in the Collection Period: 0 Years Total Project Area Funds to be Received Cumulatively: $3,370,337 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $0 • Estimated Project Area Funds Paid for the Next Year: $0 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 1999 $47,060 $0 2000 $252,210 $0 2001 $229,047 $0 2002 $216,909 $0 2003 $129,419 $0 2004 $132,151 $0 2005 $195,625 $117,215 2006 $109,204 $73,408 2007 $129,340 $86,227 2008 $124,060 $82,706 2009 $130,543 $87,029 2010 $4,211 $194,511 2011 $0 $171,888 2012 $0 $215,640 2013 $0 $220,644 2014 $0 $220,921 2015 $0 $200,370 ---PAGE BREAK--- 31 UNION GARDENS RDA PROJECT AREA E S T A B L I S H E D The Union Gardens Redevelopment Project Area was established in October 1981 and covers 7.15 acres. This area, located at 3rd Street and Adams Avenue, was established to facilitate the development of low-income housing for the disabled and elderly. To help the Union Gardens Project, the Agency borrowed $147,449.65 of CDBG monies from Ogden City. In addition to this loan, the City assessed the Agency an overhead and administration charge of $21,867.45. Both debts were structured to accrue interest at the City’s inter-fund interest rate. The Agency in turn provided this money to the developer, Northern Utah Labor Council Housing Corporation (NULCHC) to assist with site preparation and other development costs of their housing project. It was intended that the City debts be repaid from future years’ tax increment. Although tax increment was collected from the Union Gardens Project Area in 1983 and 1984, in 1986 the Weber County Board of Equalization granted Union Gardens tax exempt status, retroactive to 1985. This action followed a 1985 Utah Supreme Court ruling which exempted non-profited housing projects from paying property taxes. When the Agency challenged the tax-exempt status, NULCHC maintained it did not realize the exemption of Union Gardens would affect the amount of tax increment that would be available to repay the CDBG loan. In connection with this, the City also agreed to cease accruing interest on its loan to the Agency so that the reduced amount of tax increment available in the Area could eventually amortize the debt. There is currently no debt in the project area. In 1994 the Union Gardens housing project was acquired by Episcopal Management Corporation. In 2005 a portion of the tax increment revenue from 10 project areas, including Union Gardens, was pledged to repay the bonds issued for construction of the Recreation Center at The Junction. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D Collected for Recreation Center Project. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T Tax increment may only be used for recreation center purposes until 2015. In December 2015, the Agency approved a resolution dissolving the Union Gardens RDA and halting the collection of tax increment by the Agency. Area Boundary ---PAGE BREAK--- 32 Taxing Entity Tax Increment Rec Center Weber County $23,038 $26,876 Ogden City School District $60,430 $70,497 Ogden City $20,936 $24,424 Weber Basin Water Conservancy Dist $1,270 $1,482 Central Weber Sewer Improvement Dist $5,208 $6,076 Weber County Mosquito Abatement Dist. $878 $1,024 Weber Area Dispatch 911 and Emergency Services $1,871 $2,182 Ogden City - Special Levy to Purchase Water $1,848 $2,155 Taxing Entity Tax Increment Rec Center Weber County Ogden City School District Ogden City Weber Basin Water Conservancy Dist Central Weber Sewer Improvement Dist Weber County Mosquito Abatement Dist. Weber Area Dispatch 911 and Emergency Services Ogden City - Special Levy to Purchase Water UNION GARDENS ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T Base Taxable Value: $490,587 Prior Year’s Assessed Value: $2,083,685 Estimated Current Assessed Value: $2,083,685 P R O J E C T A R E A F U N D S R E C E I V E D : Previous Year’s Actual Project Area Funds Received: $22,381.58 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 32 Years Number of Years Remaining in the Collection Period: 0 Years Total Project Area Funds to be Received Cumulatively: $250,194 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $0 • Estimated Project Area Funds Paid for the Next Year: $0 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 1998 $10,777 $0 1999 $11,198 $0 2000 $10,416 $0 2001 $18,672 $0 2002 $11,828 $0 2003 $7,101 $0 2004 $7,279 $0 2005 $12,083 $7,273 2006 $4,397 $2,931 2007 $7,295 $4,863 2008 $6,503 $4,335 2009 $7,537 $5,025 2010 $292 $13,910 2011 $0 $9,624 2012 $0 $15,467 2013 $0 $23,768 2014 $0 $23,758 2015 $0 $23,762 ---PAGE BREAK--- 33 WALL AVENUE RDA PROJECT AREA E S T A B L I S H E D The Wall Avenue Redevelopment Project Area was created in 2000 to facilitate and encourage development of the former Shupe Williams Candy Company building located on the corner of 26th Street and Wall Avenue, the Wall Avenue corridor between 25th and 29th Streets and the undeveloped property on the south side of the 100 block of Historic 25th Street. The Agency committed $675,000 of tax increment in the form of a bond to the Union Square project on the 100 block of 25th Street. Union Square is a phased $10.1 million mixed-use project consisting of 60 owner-occupied residential units and 14 retail/office spaces fronting 25th Street. The Union Square project is the largest private development to-date built on Historic 25th Street. The Union Square project changed ownership in 2005 when it was acquired by 25th Street Associates, LC. All units in phase 1 have been sold. Additional phases may be constructed if the market justifies. Final payment of the $675,000 RDA bond on Union Square is scheduled for February 2019. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Bond debt service as described above.. • Agency administrative costs and housing. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T 2018 Area Boundary ---PAGE BREAK--- 34 Taxing Entity Tax Increment Rec Center Weber County $382,214 Ogden City School District $1,002,568 Ogden City $347,346 Weber Basin Water Conservancy Dist $21,074 Central Weber Sewer Improvement Dist $86,405 Weber County Mosquito Abatement Dist. $14,561 Weber Area Dispatch 911 and Emergency Services $31,037 Ogden City - Special Levy to Purchase Water $30,654 Taxing Entity Tax Increment Rec Center Weber County $83,834 Ogden City School District $219,901 Ogden City $76,186 Weber Basin Water Conservancy Dist $4,622 Central Weber Sewer Improvement Dist $18,952 Weber County Mosquito Abatement Dist. $3,194 Weber Area Dispatch 911 and Emergency Services $6,808 Ogden City - Special Levy to Purchase Water $6,724 WALL AVENUE ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T : Base Taxable Value: $19,178,249 Prior Year’s Assessed Value: $26,904,795 Estimated Current Assessed Value: $26,904,795 P R O J E C T A R E A F U N D S R E C E I V E D : Previous Year’s Actual Project Area Funds Received: $22,381.58 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 15 Years Number of Years Remaining in the Collection Period: 3 Years Total Project Area Funds to be Received Cumulatively: $1,915,858 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $125,000 • Estimated Project Area Funds Paid for the Next Year: $125,000 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2004 $1,534 $0 2005 $27,621 $0 2006 $150,253 $0 2007 $79,489 $0 2008 $178,343 $0 2009 $187,009 $0 2010 $165,094 $0 2011 $154,250 $0 2012 $157,025 $0 2013 $144,683 $0 2014 $113,966 $0 2015 $136,371 $0 ---PAGE BREAK--- 35 WASHINGTON BOULEVARD RDA PROJECT AREA E S T A B L I S H E D The Washington Boulevard Redevelopment Project Area was established in June 1983 and encompasses 38.04 acres in downtown Ogden. This area was established to facilitate new development in Ogden's Central Business District. With assistance from several funding sources, the Agency has been involved in multiple revitalization projects including development of the State Regional Office Building and the Juvenile Courts Building. Funding for these projects included loans of $750,000 from a group of local banks, $250,000 from the Ogden Industrial Development Corporation (OIDC), and $785,000 from Ogden City’s CDBG funds. In 1991 it was determined that the City's participation in various redevelopment activities within the project area since the project area was created in 1983 totaled $3,021,617. This amount has been carried on the City's books as a commitment of the Agency to reimburse the City if there is sufficient tax increment generated from the project area. The Agency issued tax increment revenue bonds in November 1991 in the amount of $1,425,000 to construct the 657-stall parking garage on Kiesel Avenue. The bond was retired in December 2006. In 2005 a portion of the tax increment revenue from 10 project areas, including Washington Blvd., was pledged to repay the bonds issued for construction of the Recreation Center at The Junction. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Collected for Recreation Center project. • The City advanced funds to the Agency to assist in various development activities associated with key projects on Washington Blvd. The outstanding balance is $3,016,953. No tax increment is available to repay this obligation and the City booked an allowance for the entire amount in 2016. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T • Tax increment may only be used for Recreation Center purposes until 2015. • In December 2015, the Agency approved a resolution dissolving the Washington Blvd RDA and halting the collection of tax increment by the Agency. Area Boundary ---PAGE BREAK--- 36 Taxing Entity Tax Increment Rec Center Weber County $1,054,202 $657,878 Ogden City School District $2,765,232 $1,725,652 Ogden City $958,029 $597,861 Weber Basin Water Conservancy Dist $58,126 $36,274 Central Weber Sewer Improvement Dist $238,318 $148,723 Weber County Mosquito Abatement Dist. $40,160 $25,062 Weber Area Dispatch 911 and Emergency Services $85,604 $53,422 Ogden City - Special Levy to Purchase Water $84,548 $52,762 Taxing Entity Tax Increment Rec Center Weber County Ogden City School District Ogden City Weber Basin Water Conservancy Dist Central Weber Sewer Improvement Dist Weber County Mosquito Abatement Dist. Weber Area Dispatch 911 and Emergency Services Ogden City - Special Levy to Purchase Water WASHINGTON BOULEVARD ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T : Base Taxable Value: $26,228,369 Prior Year’s Assessed Value: $54,874,134 Estimated Current Assessed Value: $54,874,134 P R O J E C T A R E A F U N D S R E C E I V E D : Previous Year’s Actual Project Area Funds Received: $403,543.09 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 32 Years Number of Years Remaining in the Collection Period: 0 Years Total Project Area Funds to be Received Cumulatively: $8,581,854 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $0 • Estimated Project Area Funds Paid for the Next Year: $0 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 84 - 88 $1,124,765 $0 1999 $415,690 $0 2000 $428,564 $0 2001 $417,847 $0 2002 $515,000 $0 2003 $571,588 $0 2004 $490,512 $0 2005 $359,821 $219,336 2006 $185,652 $126,551 2007 $263,918 $175,945 2008 $269,668 $179,778 2009 $241,281 $210,482 2010 -$86 $477,323 2011 $0 $365,470 2012 $0 $475,817 2013 $0 $376,053 2014 $0 $345,931 2015 $0 $344,949 ---PAGE BREAK--- 37 KEISEL CDA PROJECT AREA E S T A B L I S H E D Located in the heart of downtown, the Keisel Community Development Area was created in October 2015 and encompasses the Lindquist Field block from 23rd Street and includes the back side of 25th Street between Kiesel Avenue and Wall Avenue. This uniquely urban area is home to many of the City’s magnificent historic buildings, including the Kiesel Building, the Thorstensen and Proud Fit Buildings, the Hurst Building, the old Post Office, the Steven Henagar’s Building, the Denver Rio Grande, the Browning Shop and gun range, and many other. For many years many of these community gems have sat vacant and forgotten. The purpose of the Kiesel CDA is to help breathe life back into these old structures and in doing so reactive secondary streets like Grant, Lincoln, and Kiesel Ave with vibrant residential, commercial, and retail uses. L O T U S D E V E L O P M E N T The Agency and Lotus Development entered into a Land Transfer and Development Agreement in November 2015, giving Lotus ownership and development rights to the Hurst Building, the corner of 24th and Grant, and the Thorstensen and ProudFit buildings. Although no tax increment was committed through this agreement, Agency owned property was conveyed for future development by Lotus. The value of the property conveyed as part of the agreement is estimated to be $1.4m. K I E S E L A R C H A N D P L A Z A During demolition of a building located at approximately 2433 Kiesel Ave, Agency Staff discovered 5 barrel trusses as part of the roof system of the building. Though 3 of these trusses could not be saved, two of them were joined together and structurally mounted to decorative bases to create an entry way monument to what will become an amazing downtown plaza. The proposed plaza will be connected to a renovated Kiesel Avenue and together will create an exciting and artistic pedestrian corridor between Historic 25th Street and the Junction. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Development Agreement to owner of kiesel for $1 million • RDA housing projects • RDA Administration L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T 2035 Area Boundary ---PAGE BREAK--- 38 Taxing Entity Tax Increment Rec Center Weber County Ogden City School District Ogden City Weber Basin Water Conservancy Dist Central Weber Sewer Improvement Dist Weber County Mosquito Abatement Dist. Weber Area Dispatch 911 and Emergency Services Ogden City - Special Levy to Purchase Water Taxing Entity Tax Increment Rec Center Weber County Ogden City School District Ogden City Weber Basin Water Conservancy Dist Central Weber Sewer Improvement Dist Weber County Mosquito Abatement Dist. Weber Area Dispatch 911 and Emergency Services Ogden City - Special Levy to Purchase Water KEISEL ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T : Base Taxable Value: $26,228,369 Prior Year’s Assessed Value: $54,874,134 Estimated Current Assessed Value: $54,874,134 P R O J E C T A R E A F U N D S R E C E I V E D : Previous Year’s Actual Project Area Funds Received: Unavailable Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 20 Years Number of Years Remaining in the Collection Period: 19 Years Total Project Area Funds to be Received Cumulatively: $11,000,000 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $0 • Estimated Project Area Funds Paid for the Next Year: $0 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 84 - 88 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 ---PAGE BREAK--- 39 EAST WASHINGTON URA PROJECT AREA E S T A B L I S H E D The East Washington Urban Renewal Project Area was established in 2010 and encompasses a four block area on the east side of Washington Blvd. between 20th and 24th streets. The Area was established to facilitate commercial and residential development in Ogden’s downtown Central Business District. The role of the Agency is to encourage and assist private enterprise to invest in downtown Ogden and pursue development activities that will support and sustain Ogden’s downtown core as an attractive and vibrant urban district. In 2013 the Agency entered into a Participation and Reimbursement Agreement with Tower Heights, LLC for the development of 144 market rate apartment units on the corner of 23rd and Washington Blvd. This agreement pledged 75% of the tax increment generated by the project to the developer until 2031 or up to $1 million, whichever comes first. The Agency, in cooperation with The Church of Jesus Christ of Latter-day Saints and other private developers, is working on a 3-block master plan between Washington and Monroe and 21st and 22nd streets. The block located in the East Washington URA may include hospitality, office, residential, and commercial uses between Washington Boulevard and Adams Avenue. This area has also seen the completion of the Weber State Downtown building and the renovation of multiple historic commercial buildings along the east side of Washington Boulevard. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Agreement with Tower Heights, LLC to pass through to the project 75% of the tax increment generated by the multi-family apartment project • Agency administrative costs and housing. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T 2031 Area Boundary ---PAGE BREAK--- 40 Taxing Entity Tax Increment Rec Center Weber County $3,358,692 Ogden City School District $8,810,043 Ogden City $3,052,285 Weber Basin Water Conservancy Dist $185,191 Central Weber Sewer Improvement Dist $759,283 Weber County Mosquito Abatement Dist. $127,950 Weber Area Dispatch 911 and Emergency Services $272,736 Ogden City - Special Levy to Purchase Water $269,369 Taxing Entity Tax Increment Rec Center Weber County $3,358,692 Ogden City School District $8,810,043 Ogden City $3,052,285 Weber Basin Water Conservancy Dist $185,191 Central Weber Sewer Improvement Dist $759,283 Weber County Mosquito Abatement Dist. $127,950 Weber Area Dispatch 911 and Emergency Services $272,736 Ogden City - Special Levy to Purchase Water $269,369 EAST WASHINGTON ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T : Base Taxable Value: $20,000,946 Prior Year’s Assessed Value: $21,632,519 Estimated Current Assessed Value: $21,632,519 P R O J E C T A R E A F U N D S R E C E I V E D : Previous Year’s Actual Project Area Funds Received: Unavailable Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 20 Years Number of Years Remaining in the Collection Period: 19 Years Total Project Area Funds to be Received Cumulatively: $16,835,550 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $50,000 • Estimated Project Area Funds Paid for the Next Year: $50,000 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2015 $53,656 $0 ---PAGE BREAK--- 41 DEFENSE DEPOT OGDEN EDA PROJECT AREA E S T A B L I S H E D The 1995 Base Realignment and Closure Commission (BRAC) recommended closure of Defense Distribution Depot Ogden (DDO). Ogden City was recognized as the appropriate local entity to oversee acquisition and reuse of the DDO property and was designated as the Local Redevelopment Authority (LRA). A master development plan was adopted for the 1100+ acre depot and The Boyer Company was competitively selected to work with the City to convert the depot into a commercial and business park. In 1998 the Agency dedicated 75% of the tax increment revenue generated from new development to fund reconstruction of deteriorated infrastructure systems and construction of new infrastructure necessary to support commercial development. The Agency issued 3 tax increment bonds in 2001 and 2002 for a total of $12 million to fund infrastructure improvements. The Series 2002A bonds were retired 12/30/05. In 2011, the RDA re-funded the Series 2009A and 2009B to take advantage of low interest rates and shorten the term of the bond. The Series 2011 bonds expired in December 2013. H O W T A X I N C R E M E N T F U N D S B E I N G U S E D • Tax increment is being used to fund infrastructure improvements based on an approved Capital Improvement Plan submitted annually by The Boyer Company. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T 2019 Area Boundary ---PAGE BREAK--- 42 Taxing Entity Tax Increment Rec Center Weber County $13,408,811 Ogden City School District $35,172,083 Ogden City $12,185,551 Weber Basin Water Conservancy Dist $739,333 Central Weber Sewer Improvement Dist $3,031,265 Weber County Mosquito Abatement Dist. $510,812 Weber Area Dispatch 911 and Emergency Services $1,088,836 Ogden City - Special Levy to Purchase Water $1,075,393 Taxing Entity Tax Increment Rec Center Weber County $3,957,855 Ogden City School District $10,381,682 Ogden City $3,596,787 Weber Basin Water Conservancy Dist $218,228 Central Weber Sewer Improvement Dist $894,733 Weber County Mosquito Abatement Dist. $150,775 Weber Area Dispatch 911 and Emergency Services $321,390 Ogden City - Special Levy to Purchase Water $317,422 DEFENSE DEPOT OGDEN ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T : Base Taxable Value: $22,686 Prior Year’s Assessed Value: $408,823,956 Estimated Current Assessed Value: $408,823,956 P R O J E C T A R E A F U N D S R E C E I V E D : Previous Year’s Actual Project Area Funds Received: $5,369,825.73 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 20 Years Number of Years Remaining in the Collection Period: 4 Years Total Project Area Funds to be Received Cumulatively: $67,212,083 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $5,300,000 • Estimated Project Area Funds Paid for the Next Year: $5,300,000 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2001 $720,699 $0 2002 $1,164,971 $0 2003 $1,810,150 $0 2004 $1,846,853 $0 2005 $2,108,569 $0 2006 $2,240,413 $0 2007 $2,459,598 $0 2008 $3,007,907 $0 2009 $2,971,754 $0 2010 $4,023,173 $0 2011 $4,550,966 $0 2012 $4,646,956 $0 2013 $5,283,445 $0 2014 $5,294,718 $0 2015 $5,243,040 $0 ---PAGE BREAK--- 43 HINCKLEY DRIVE EDA PROJECT AREA E S T A B L I S H E D The Hinckley Drive Economic Development Project Area, located adjacent to the north end of the Ogden Hinckley Municipal Airport, was created in 2001 to facilitate expansion of William International’s jet engine manufacturing facility. Williams selected its Ogden plant for expansion following a nationwide competitive search. The expansion included construction of a 50,000 square foot production facility and in excess of $137 million in new tools and machinery. An estimated 194 new positions will be created by the year 2015 as a result of the expansion project. The Agency adopted a 15-year tax increment budget when the Project Area was established. The budget provides that 70% of the tax increment will be collected by the Agency and the remaining 30% will flow through to the taxing entities. Based upon company capital investment projections, the cumulative amount collected by the Agency will be approximately $6.8 million and the amount passed through to the taxing entities will be approximately $2.9 million through tax year 2016. H O W T A X I N C R E M E N T F U N D S A R E B E I N G U S E D • Tax increment is being distributed in accordance with a development agreement for a 15-year non- recourse commitment to pass through 53.9% of the tax increment to Williams International to facilitate an estimated $137 million expansion: Williams expansion 53.9% RDA Administration 2.1% RDA housing 14.0% Flow-through to taxing entities 30.0% Total 100.0% L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T 2016 Area Boundary ---PAGE BREAK--- 44 Taxing Entity Tax Increment Rec Center Weber County $1,372,235 Ogden City School District $3,599,452 Ogden City $1,247,049 Weber Basin Water Conservancy Dist $75,662 Central Weber Sewer Improvement Dist $310,215 Weber County Mosquito Abatement Dist. $52,276 Weber Area Dispatch 911 and Emergency Services $111,430 Ogden City - Special Levy to Purchase Water $110,054 Taxing Entity Tax Increment Rec Center Weber County $214,509 Ogden City School District $562,670 Ogden City $194,940 Weber Basin Water Conservancy Dist $11,828 Central Weber Sewer Improvement Dist $48,493 Weber County Mosquito Abatement Dist. $8,172 Weber Area Dispatch 911 and Emergency Services $17,419 Ogden City - Special Levy to Purchase Water $17,204 HINCKLEY DRIVE ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T : Base Taxable Value: $220,455,796 Prior Year’s Assessed Value: $31,714,623 Estimated Current Assessed Value: $31,714,623 P R O J E C T A R E A F U N D S R E C E I V E D : Previous Year’s Actual Project Area Funds Received: $236,627.86 Compared to Projected Funds at Project Area Creation: Unavailable Project Area Funds Collection Period: 15 Years Number of Years Remaining in the Collection Period: 1 Years Total Project Area Funds to be Received Cumulatively: $6,878,372 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $350,000 • Estimated Project Area Funds Paid for the Next Year: $n/a A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2003 $58,281 $0 2004 $244,684 $0 2005 $306,959 $0 2006 $379,162 $0 2007 $516,356 $0 2008 $560,024 $0 2009 $621,027 $0 2010 $817,921 $0 2011 $726,698 $0 2012 $523,062 $0 2013 $395,831 $0 2014 $343,263 $0 2015 $309,869 $0 ---PAGE BREAK--- 45 SOUTH WALL AVENUE EDA PROJECT AREA E S T A B L I S H E D The Agency created the South Wall EDA Project Area in 2011. The project area was created to facilitate the retention and expansion of automobile dealerships and other existing and related businesses along that specific part of the Wall Avenue Corridor. As a result of the project area, the John Watson Chevrolet automobile dealership was able to develop plans to expand their existing facilities to include a new state-of-the-art showroom and service area. The new dealership opened in early 2013. The Agency adopted a ten-year tax increment budget as part of the project area plan. The budget provides that 100 percent of the increment will be collected by the Agency with all of the increment flowing through to the Agency. Based on negotiations with John Watson, initial capital improvement investment for the John Watson expansion is estimated to be $3.5 million. 100 percent of the increment derived from the Watson expansion will flow back to John Watson. H O W T A X I N C R E M E N T I S B E I N G U S E D • 100 percent of the available increment from the $3.5 million capital improvement investment made by John Watson will flow back through to John Watson. The Agency expects that this amount will range from $250,000 to $450,000. L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T 2022 Area Boundary ---PAGE BREAK--- 46 Taxing Entity Tax Increment Rec Center Weber County $250,560 Ogden City School District $657,232 Ogden City $227,702 Weber Basin Water Conservancy Dist $13,815 Central Weber Sewer Improvement Dist $56,643 Weber County Mosquito Abatement Dist. $9,545 Weber Area Dispatch 911 and Emergency Services $20,346 Ogden City - Special Levy to Purchase Water $20,095 Taxing Entity Tax Increment Rec Center Weber County $242,074 Ogden City School District $634,895 Ogden City $219,963 Weber Basin Water Conservancy Dist $13,346 Central Weber Sewer Improvement Dist $54,718 Weber County Mosquito Abatement Dist. $9,221 Weber Area Dispatch 911 and Emergency Services $19,655 Ogden City - Special Levy to Purchase Water $19,412 SOUTH WALL AVENUE ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T : Base Taxable Value: $12,464,952 Prior Year’s Assessed Value: $14,237,563 Estimated Current Assessed Value: $14,237,563 P R O J E C T A R E A F U N D S R E C E I V E D : Previous Year’s Actual Project Area Funds Received: $31,003.57 Compared to Projected Funds at Project Area Creation: $60,578 Project Area Funds Collection Period: 10 Years Number of Years Remaining in the Collection Period: 9 Years Total Project Area Funds to be Received Cumulatively: $1,255,938 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $42,685 • Estimated Project Area Funds Paid for the Next Year: $35,000 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2015 $42,685 $0 ---PAGE BREAK--- 47 TRACKLINE EDA PROJECT AREA E S T A B L I S H E D Created in 2013, the Trackline EDA Project Area encompasses approximately 122 acres in West Ogden. This project area replaces the Golden Spike Project Area first adopted in 1989, comprising approximately the same geographic area. Historically, the project area was used primarily as a stockyard and livestock exchange. The stockyard facility and buildings have been documented and demolished, with only the Exchange Building remaining as a reminder of the economic strength of the area. Land within the project area has been assembled by the Agency, and together with a subsidiary of Ascent Construction as a development partner, Utah’s first master-planned lifestyle business park has been constructed – the Ogden Business Exchange. Creation of OBE supports Ogden’s position as a leader in the manufacturing and distribution industry and creates a home for Ogden’s present and future creative and outdoor recreation related companies. E N V E Enve Composites, the leader in high-end carbon fiber bicycle wheels and components, is the anchor tenant at the Ogden Business Exchange. Their new 70k+ fully customized and expandable headquarters and manufacturing/distribution center is almost complete, bringing up to 325 jobs back to this once bustling industrial area. The Agency and Enve executed a Contribution and Development Agreement in July 2015 which, among other things, conveyed approximately 7 acres of property to Enve. Shortly after this, Enve was acquired by Amer Sports, a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Mavic, Suunto and Precor. This acquisition, along with the partnership with the Agency, will help to ensure Enve’s long term presence and continued success in Ogden City. S E L L E R O Y A L OBE Vision, LLC, the master developer of the Business Exchange, successfully negotiated a long term lease with SR56, LLC, a subsidiary or Seller Royal, for 14,000 square feet of research and development space. This new building will allow Selle Royal to quickly and efficiently design, test, tweak, and launch new products through their varied international brands such as Fizik, Lookin, Brooks, and Crank Brothers. Area Boundary ---PAGE BREAK--- 48 Taxing Entity Tax Increment Rec Center Weber County $1,103,304 Ogden City School District $2,894,029 Ogden City $1,002,651 Weber Basin Water Conservancy Dist $60,834 Central Weber Sewer Improvement Dist $249,419 Weber County Mosquito Abatement Dist. $42,031 Weber Area Dispatch 911 and Emergency Services $89,592 Ogden City - Special Levy to Purchase Water $88,486 Taxing Entity Tax Increment Rec Center Weber County $1,098,171 Ogden City School District $2,880,567 Ogden City $997,987 Weber Basin Water Conservancy Dist $60,551 Central Weber Sewer Improvement Dist $248,258 Weber County Mosquito Abatement Dist. $41,835 Weber Area Dispatch 911 and Emergency Services $89,175 Ogden City - Special Levy to Purchase Water $88,074 TRACKLINE ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T : Base Taxable Value: $11,344,239 Prior Year’s Assessed Value: $12,861,750 Estimated Current Assessed Value: $12,861,750 P R O J E C T A R E A F U N D S R E C E I V E D : Previous Year’s Actual Project Area Funds Received: $26,477.28 Compared to Projected Funds at Project Area Creation: $13,828 Project Area Funds Collection Period: 20 Years Number of Years Remaining in the Collection Period: 19 Years Total Project Area Funds to be Received Cumulatively: $5,530,344 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $99,623 • Estimated Project Area Funds Paid for the Next Year: $99,623 A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2015 $25,725 $0 ---PAGE BREAK--- 49 WEST 12TH STREET EDA PROJECT AREA E S T A B L I S H E D The West 12th Street Economic Development Project Area was created in 2001 in support of an initial plant expansion by Fresenius Medical estimated at $75 million. Fresenius’ total taxable value in 2007 was an estimated $115,000,000. The Agency adopted a $4,704,972 10-year cumulative tax increment budget when the Project Area was established. According to that budget, $2,550,000 (54.2%) was pledged to Fresenius for its expansion, $658,696 (14.0%) for Agency housing activities, $84,784 for administration and the remaining $1,411,492 (30%) would flow-through to the other taxing entities. In FY 2007 the Agency, with approval of the taxing entities committee, adopted a percentage- based budget providing 70% of the tax increment for Agency-eligible costs and 30% being passed through to the taxing entities through tax year 2016. This percentage-based budget was adopted in lieu of a fixed amount budget. This arrangement would allow the Agency to meet periodically with Fresenius to discuss the level of Agency participation that may be available for expansion opportunities. In 2006, the Agency agreed to relocate the Weber School District bus maintenance facilities to an alternative location in order to accommodate the acquisition of the bus maintenance property by Fresenius for expansion purposes. The Agency issued two series of bonds in FY 2007 to fund the replacement bus maintenance facilities – Series 2006A (tax-exempt) in the amount of $3,500,000 and Series 2006B (taxable) in the amount of $2,500,000. The Series 2006B was paid in full in 2011. A third bond was issued in 2008 in the amount of $3,000,000 to complete the relocation project. T A X I N C R E M E N T D E B T O U T S T A N D I N G 2006 Series A bonds (tax-exempt): $1,305,000 2008 Series A bonds (tax exempt): $865,000 H O W T A X I N C R E M E N T F U N D S B E I N G U S E D • Development obligations 54.2% • First priority Debt service on bonds • Second priority Pass through to Fresenius • RDA housing projects 14.0% • RDA Administration 1.8% • Pass through to taxing entities 30.0% L A S T Y E A R T O C O L L E C T T A X I N C R E M E N T 2016 Area Boundary ---PAGE BREAK--- 50 Taxing Entity Tax Increment Rec Center Weber County $3,939,971 Ogden City School District $10,334,772 Ogden City $3,580,535 Weber Basin Water Conservancy Dist $217,242 Central Weber Sewer Improvement Dist $890,690 Weber County Mosquito Abatement Dist. $150,094 Weber Area Dispatch 911 and Emergency Services $319,938 Ogden City - Special Levy to Purchase Water $315,988 Taxing Entity Tax Increment Rec Center Weber County $668,127 Ogden City School District $1,752,534 Ogden City $607,175 Weber Basin Water Conservancy Dist $36,839 Central Weber Sewer Improvement Dist $151,040 Weber County Mosquito Abatement Dist. $25,452 Weber Area Dispatch 911 and Emergency Services $54,254 Ogden City - Special Levy to Purchase Water $53,584 WEST 12TH STREET ECONOMIC SUMMARY C H A N G E I N M A R G I N A L V A L U E A S S E S S M E N T : Base Taxable Value: $39,380,754 Prior Year’s Assessed Value: $61,600,718 Estimated Current Assessed Value: $61,600,718 P R O J E C T A R E A F U N D S R E C E I V E D : Previous Year’s Actual Project Area Funds Received: $1,898,799.37 Compared to Projected Funds at Project Area Creation: $1,324,870 Project Area Funds Collection Period: 15 Years Number of Years Remaining in the Collection Period: 1 Years Total Project Area Funds to be Received Cumulatively: $19,749,229 R E M A I N I N G P R O J E C T A R E A F U N D S E S T I M A T E D P R O J E C T A R E A F U N D S • Estimated Project Area Funds Received for the Current Year: $1,928,645 • Estimated Project Area Funds Paid for the Next Year: $N/A A G E N C Y ’ S H I S T O R I C A L R E C E I P T S Tax Increment Rec Center 2003 $336,446 $0 2004 $627,102 $0 2005 $599,311 $0 2006 $854,178 $0 2007 $740,929 $0 2008 $886,800 $0 2009 $1,734,045 $0 2010 $1,590,290 $0 2011 $1,634,061 $0 2012 $1,537,258 $0 2013 $1,687,469 $0 2014 $2,243,690 $0 2015 $1,928,645 $0 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- 15/16 ANNUAL REPORT