General Information

Government Type

Municipality

Entity

Eagle Mountain

Public Body

Redevelopment Agency

Notice Information

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Notice Title

Public Hearings

Notice Tags

Other

Notice Type(s)

Notice, Hearing

Event Start Date & Time

April 18, 2023 07:00 PM

Description/Agenda

NOTICE OF HEARING SWEETWATER INDUSTRIAL PARK COMMUNITY REINVESTMENT PROJECT AREA #3 SWEETWATER INDUSTRIAL PARK COMMUNITY REINVESTMENT PROJECT AREA #3 On May 3, 2022 the Eagle Mountain Redevelopment Agency (the 'Agency'), by resolution, authorized the preparation of drafts of a Project Area Plan and a Project Area Budget (the 'Draft Plan & Budget') for the Sweetwater Industrial Park Community Reinvestment Area #3 (the 'Project Area'). The Draft Plan and 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 and 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 Eagle Mountain City (the 'City') and other taxing districts. The Agency has requested $20,419,625 in property tax incremental revenues that will be generated by the first phase of the development within the Project Area to fund a portion of the development costs within the Project Area, as outlined in the Project Area Plan. These property tax revenues will be used for the following: Uses of Tax Increment Uses Total NPV at 4.00% Redevelopment Activities @ 87.5% $17,367,172 $11,769,627 CRA Housing Requirement @ 10% 2,041,962 1,383,930 Project Area Administration @ 2.5% 510,491 345,982 School District Pilot Program @ $25,000 annually/building 500,000 339,758 Total Uses of Tax Increment Funds $20,419,625 $13,839,298 These property tax revenues are a result from an increase in valuation of property within the Project Area and will be paid to the Agency rather than to the taxing entity to which the tax revenue would otherwise have been paid if one or more of the taxing entities below agree to share the property tax increase under an interlocal agreement. The property taxes will be levied by the following governmental entities, and, assuming current tax rates, the taxes paid to the Agency for this first phase of the Project Area from each taxing entity will be as following: Sources of Tax Increment Funds Entity Total Utah County $1,561,112 Alpine School District 13,518,614 Eagle Mountain City 1,277,703 Central Utah Water Conservancy District 944,697 Unified Fire District - Salt Lake County 3,117,500 Total Sources of Tax Increment Funds $20,419,625 All of the property tax increment to be paid to the Agency for the development in the Project Area are taxes that will be generated only if the Project Area is developed. The Draft Plan and Budget for the Proposed Project Area have been prepared and the Agency gives notice that a public hearing on the Draft Plan and Budget will be held on April 18, 2023 at 7:00 p.m., or as soon thereafter as feasible, at the City's offices located at 1650 E. Stagecoach Run, Eagle Mountain, Utah (the 'City Offices') or Via Virtual Meeting. At the public hearing, the Agency will hear public comment on and objections, if any, to the Draft Plan and Budget, including whether the Draft Plan and Budget should be revised, approved, or rejected. The Agency will also receive all written objections, if any, to the Draft Plan and Budget. The Agency also invites public comments in support of the Draft Plan and Budget. All interested persons are invited to submit to the Agency comments on the Draft Plan and Budget before the date of the hearing. Any person objecting to the Draft Plan and Budget or contesting the regularity of any of the proceedings to adopt the Draft Plan and Budget may appear before the Agency's governing board at the hearing to show cause why the Draft Plan and Budget should not be adopted. Copies of the Draft Plan and Budget are available for inspection at the City Offices at at 1650 E. Stagecoach Run, Eagle Mountain, Utah during regular office hours. Any interested person wishing to meet and discuss the Draft Plan and Budget before the hearing may contact the Agency at the City Offices at (801) 789-6621 to set up an appointment. To schedule an appointment before the hearing, please call on or before April 4, 2023. All concerned citizens are invited to attend the hearing on the Draft Plan and Budget scheduled for 7:00 p.m. on April 18, 2023 at the City Offices and/or to submit comments to the Agency before April 18, 2023, the date of the hearing. In compliance with the Americans with Disabilities Act, the City and the Agency will make efforts to provide reasonable accommodations to disabled members of the public in accessing the public hearing. Please contact the City at (801) 789-6621, at least three working days in advance of the meeting to request such accommodations. Regards, LEWIS YOUNG ROBERTSON & BURNINGHAM, INC On behalf of the Redevelopment Agency of Eagle Mountain City, Utah SWEETWATER INDUSTRIAL PARK COMMUNITY REINVESTMENT PROJECT AREA #3 BOUNDARY DESCRIPTION Parcel: 59:058:0005 Legal Description: COM AT E 1/4 COR. SEC. 26, T6S, R2W, SLB&M.; S 0 DEG 16' 2' W 2672.43 FT; N 89 DEG 46' 24' W 1629.18 FT; N 0 DEG 16' 2' E 2675.07 FT; S 89 DEG 40' 50' E 1629.19 FT TO BEG. AREA 99.945 AC. Contains 4,353,386.4 square feet or 99.94 acres, more or less. Parcel: 59:058:0006 Legal Description: COM AT NW COR. SEC. 26, T6S, R2W, SLB&M.; S 89 DEG 44' 36' E 2667.1 FT; S 0 DEG 18' 56' W 2662.33 FT; S 89 DEG 40' 50' E 1027.86 FT; S 0 DEG 16' 2' W 2675.07 FT; N 89 DEG 46' 24' W 1030.11 FT; N 89 DEG 44' 18' W 2671.51 FT; N 0 DEG 26' 41' E 2679.42 FT; N 0 DEG 16' 50' E 2659.41 FT TO BEG. AREA 389.921 AC. Contains 16,984,915.2 square feet or 163.09 acres, more or less

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify 801-789-6610 at least 3 working days prior to the meeting.

Notice of Electronic or Telephone Participation

NA

Meeting Information

Meeting Location

1650 E Stagecoach Run
Eagle Mountain, UT 84005
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Contact Name

Gina Olsen

Contact Email

golsen@eaglemountain.gov

Notice Posting Details

Notice Posted On

March 23, 2023 02:25 PM

Notice Last Edited On

March 23, 2023 02:25 PM

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