General Information

Government Type

Municipality

Entity

Layton

Public Body

Redevelopment Agency

Notice Information

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Notice Title

Notice of Public Hearing

Notice Tags

Public Meetings, Other

Notice Type(s)

Notice, Meeting, Hearing

Event Start Date & Time

March 5, 2020 05:30 PM

Description/Agenda

NOTICE OF PUBLIC HEARING March 5, 2020 Notice is hereby given that the Layton City Redevelopment Agency (Agency) will hold a PUBLIC HEARING to review a proposal to amend the South Main/South Fort Lane Redevelopment Project Area Plan and Budget (Project). All concerned citizens are invited to attend the hearing scheduled at 5:30 PM, THURSDAY, March 5, 2020, in the City Council Conference Room, located at Layton City Hall, 437 North Wasatch Drive, Layton, Utah. A copy of the proposed Project Area Plan, Budget, and boundary description may be obtained from Layton City Community & Economic Development offices at Layton City Hall; by phone (801) 336-3780; or http://www.laytoncity.org/LC/PlanningZoning/PublicNotices. Any person objecting to the proposed Project area plan or contesting the regularity of any of the proceedings to adopt the proposed Project area plan may appear before the board at the hearing to show cause why the proposed Project Plan should not be adopted. Please submit any comments concerning the subject matter of the hearing before the date of the hearing to the agency at: lcrowell@laytoncity.org. The South Main/South Fort Lane Redevelopment Project Area Plan and Budget (Project) was approved and adopted in 2004. The original plan allowed the Davis School District to end their participation of 100% tax increment after 15 years in the Project Area. Significant development was projected in years 2010-2014 and did not occur due to the recession at a critical time for projected growth. Due to recently proposed development, the Agency is requesting to extend the collection period, and inviting Davis School District to remain a participant at 50% tax increment contribution for the remaining 10 years of the Project. The Davis School District Board approved this request on December 3, 2019 at their regularly scheduled Board meeting. This means that the Davis School District will start to receive 50% of their portion of tax increment generated until 2029. The end result is a net loss of $434,910 to the RDA based on the projections included in the originally adopted Plan. This is the only change proposed in this amendment. All of the property taxes to be paid to the agency for the development in the Project are taxes that will be generated only if the project area is developed. Property tax increment revenue is the result of an increase in the valuation of property over time within the Project or proposed project area due to market growth or new development. The difference in taxes paid, due to new growth or valuation since the Project was formed in 2004, will continue to be paid to the agency for project area development rather than to the taxing entity to which the tax revenue would otherwise have been until the Project Area closes in 2029. Taxing entities who have participated in the Project continue to receive taxes paid based on 2003 property valuation (base year), the year prior to the adoption of the South Main/South Fort Lane Redevelopment Project Area Plan. Under the proposed amendment the Layton City Redevelopment Agency is requesting a grand total of $26,173,560 in property tax increment revenues over the life of the South Main/South Fort Lane Redevelopment Project Area Plan and Budget, which have been generating since 2004 and will continue until 2029 through new development within the Project Area, to fund a portion of Project costs as previously described, approved and adopted within the existing South Main/South Fort Lane Redevelopment Project Area Plan and Budget. The presently approved and adopted South Main/South Fort Lane Redevelopment Project Area Plan grants a projected total of $26,608,470 in tax increment over the same time 25 year period to be paid to the Layton Redevelopment Agency, a difference of -$434,910. As part of the $26,173,560 in projected total increment, the requested extension of Davis School District participation would result in $9,397,530 projected property tax revenues, generated by new development within the Project Area. The requested property tax increment will be used to fund a portion of the following: Redevelopment of Main Street cross section $9 million; Pedestrian overpass connecting to UTA Frontrunner $3.5 million; property acquisition for redevelopment $3.5 million; and affordable housing $4 million. These property taxes will continue to be taxes levied by the following governmental entities, and, assuming current tax rates, the taxes paid to the agency for this project area from each taxing entity will be as follows: (See Attached Public Hearing Notice) South Main/South Fort lane Redevelopment Project Area Plan Property Description Contains 194.67 acres (See Attached Public Hearing Notice) South Main/South Fort lane Redevelopment Project Area Plan Project Area Map (See Attached Public Hearing Notice)

Notice of Special Accommodations (ADA)

LAYTON CITY does not discriminate on the basis of race, color, national origin, sex, religion, age or disability in the employment or the provision of services. If you are planning to attend this public meeting and, due to a disability, need assistance in understanding or participating in the meeting, please notify the City eight or more hours in advance of the meeting. Please contact Kiley Day at 437 North Wasatch Drive, Layton, Utah, 84041, (801) 336-3825 or (801) 336-3820.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

437 North Wasatch Drive
City Council Conference Room
Layton, 84041
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Contact Name

Kimberly Read

Contact Email

kread@laytoncity.org

Contact Phone

(801)336-3810

Notice Posting Details

Notice Posted On

February 04, 2020 11:54 AM

Notice Last Edited On

February 04, 2020 12:01 PM

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