General Information

Government Type

Municipality

Entity

Eagle Mountain

Public Body

Redevelopment Agency

Notice Information

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Notice Title

Public Hearing

Notice Tags

Taxation, Budgeting

Notice Type(s)

Notice, Meeting, Hearing

Event Start Date & Time

May 15, 2018 07:00 PM

Description/Agenda

NOTICE OF HEARING TO OWNERS OF PROPERTY WITHIN THE PROPOSED SWEETWATER INDUSTRIAL PARK COMMUNITY REINVESTMENT PROJECT AREA #1 On April 3, 2018 the Eagle Mountain Redevelopment Agency (the 'Agency'), by resolution, designated the proposed Sweetwater Industrial Park Community Reinvestment Area #1 (the 'Project Area') and authorized the preparation of a Draft Project Area Plan and Draft Project Area Budget (the 'Draft Plan & Budget') for the Proposed Project Area. The Draft Plan & Budget provides, among other things, an evaluation of appropriate land uses and economic and community development forecasts for the land encompassed by the Project Area. The Draft Plan & Budget also sets forth the aims and objectives of the anticipated new development, including its scope, its mechanism, and its value to the residents of the City and other taxing districts. The Draft Plan & Budget for the Proposed Project Area has been prepared and the Agency gives notice that a public hearing on the Draft Plan & Budget will be held on May 15, 2018, at 7:00 p.m., or as soon thereafter as feasible, at the Eagle Mountain City (the 'City') Offices. At the public hearing, the Agency will hear public comment on and objections, if any, to the Draft Plan & Budget, including whether the Draft Plan & Budget should be revised, approved, or rejected. The Agency will also receive all written objections, if any, to the Draft Plan & Budget. The Agency also invites public comments in support of the Draft Plan & Budget. All interested persons are invited to submit to the Agency comments on the Draft Plan & Budget before the date of the hearing. Any person objecting to the Draft Plan & Budget or contesting the regularity of any of the proceedings to adopt the Draft Plan & Budget may appear before the Agency Board at the hearing to show cause why the Draft Plan & Budget should not be adopted. The Agency has requested $133,322,040 in property tax incremental revenues that will be generated by development within the CRA to fund a portion of the project development costs within the CRA. These property tax revenues will be used for the following: Uses Total NPV at 4% Redevelopment Activities $119,899,836 $81,891,273 CRA Housing Requirement (as outlined in 17C-5-307) 13,322,204 9,099,030 Project Area Administration 100,000 67,952 Total Uses of Tax Increment Funds $133,322,040 $91,058,255 These property taxes will be levied by the following governmental entities, and, assuming current tax rates, the taxes paid to the Agency for this CRA from each taxing entity will be as following: Entity Total Utah County $9,301,260 Alpine School District 85,573,980 Eagle Mountain City 12,071,340 Central Utah Water Conservancy District 4,776,000 Unified Fire Service Area - Salt Lake County 21,599,460 Total Sources of Tax Increment Funds $133,322,040 All of the property tax increment to be paid to the Agency for the development in the CRA are taxes that will be generated only if the CRA is developed. Copies of the Draft Plan & Budget are available for inspection at the City and the Agency's offices at 1650 E. Stagecoach Run, Eagle Mountain, during regular office hours. Any interested person wishing to meet and discuss the Draft Plan & Budget, before the hearing, may contact the Agency at the Agency offices at (801) 789-6610 to set up an appointment. If you would like to set up an appointment before the hearing, please call by or before May 4, 2018. All citizens are welcome to attend the hearing on the Draft Plan & Budget scheduled for May 15, 2018, at the City Offices at 7:00 p.m. and/or submit comments to the Agency before May 15, 2018, the date of the hearing. In compliance with the Americans with Disabilities Act, Eagle Mountain City will make efforts to provide reasonable accommodations to disabled members of the public in accessing City Programs. Please contact the City Offices, (801) 789-6610, at least 24 hours in advance of the meeting.

Notice of Special Accommodations (ADA)

If you need special accommodations to participate in the Redevelopment Agency of Eagle Mountain City Meeting please call the City Recorder's Office at least 3 working days prior to the meeting at 801-789-6611.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

1650 E Stagecoach Run
Eagle Mountain, 84005
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Contact Name

Lacie Messerly

Contact Email

lmesserly@eaglemountian.gov

Notice Posting Details

Notice Posted On

April 25, 2018 03:36 PM

Notice Last Edited On

April 25, 2018 03:36 PM

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