Community Reinvestment Agency Public Hearings Notice
Notice Tags
Community Development and Renewal Agencies
Notice Type(s)
Notice,
Hearing
Event Start Date & Time
January 22, 2024 07:00 PM
Event End Date & Time
January 22, 2024 09:00 PM
Event Deadline Date & Time
12/22/23 05:00 PM
Description/Agenda
NOTICE OF PUBLIC HEARING
OLYMPUS HILLS COMMUNITY REINVESTMENT AREA (CRA)
OLYMPUS HILLS COMMUNITY REINVESTMENT PROJECT AREA
On May 14, 2018, the Community Reinvestment Agency of Millcreek (the 'Agency'), by resolution, authorized the preparation of drafts of a Project Area Plan and a Project Area Budget (the 'Plan' and 'Budget') for the Olympus Hills Community Reinvestment Project Area (the 'Olympus Hills CRA'). Pursuant to statute 17C of the Utah Code, the Agency desires to amend the Project Area Plan and Project Area Budget documents, which were adopted originally on November 26, 2018.
The draft Amended Project Area Plan and draft Amended Project Area Budget provides, among other things, an evaluation of appropriate land uses and economic and community development forecasts for the land encompassed by the Olympus Hills CRA. The draft Amended Project Area Plan (the 'Amended Plan') and draft Amended Project Area Budget (the 'Amended Budget') 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 of Millcreek (the 'City') and other taxing districts.
The Agency anticipates using approximately $4,500,000 in property tax incremental revenues that will be generated by development within the Olympus Hills CRA to fund a portion of the project development costs within the Olympus Hills CRA, as outlined in the Amended Plan and Amended Budget. These property tax revenues will be used for the following:
Uses of Tax Increment
Uses Total % of Total
Project Area Administration $218,446 5.0%
Housing Requirements (10%) 436,892 10.0%
Development Activities 3,713,581 85.0%
Total Uses of Tax Increment Funds $4,368,919 100.0%
These property tax revenues are a result from an increase in valuation of property within the Olympus Hills CRA 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 the Olympus Hills CRA from each taxing entity will be as follows:
Sources of Tax Increment Funds
Entity Percentage Length Per Tranche Total NPV at 6.5%
Granite School District 75% 15 Years $2,634,976 $1,592,975
Millcreek City 90% 20 Years 987,986 524,129
South Salt Lake Valley Mosquito Abatement District 65% 20 Years 4,420 2,345
Mount Olympus Improvement District 65% 20 Years 92,324 48,978
Unified Fire Service Area 65% 20 Years 649,214 344,409
Total Sources of Tax Increment Funds $4,368,919 $2,512,836
All of the property tax increment to be paid to the Agency for the development in the Olympus Hills CRA are taxes that will be generated only if the Olympus Hills CRA is developed.
The Amended Plan and Amended Budget for the Olympus Hills CRA have been prepared and the Agency gives notice that a public hearing on the Amended Plan and Amended Budget will be held on January 22, 2024, at 7:00 p.m., or as soon thereafter as feasible, at the City's offices located at 1330 East Chambers Avenue, Millcreek, Utah 84106 (the 'City Offices') or via Virtual Meeting. At the public hearing, the Agency will hear public comment on and objections, if any, to the Amended Plan and Amended Budget, including whether the Amended Plan and Amended Budget should be revised, approved, or rejected. The Agency will also receive all written objections, if any, to the Amended Plan and Amended Budget. The Agency also invites public comments in support of the Amended Plan and Amended Budget. All interested persons are invited to submit to the Agency comments on the Amended Plan and Amended Budget before the date of the hearing. Any person objecting to the Amended Plan and Amended Budget or contesting the regularity of any of the proceedings to adopt the Amended Plan and Amended Budget may appear before the Agency's governing board at the hearing to show cause why the Amended Plan and Amended Budget should not be adopted.
Copies of the Amended Plan and Amended Budget are available for inspection at the City Offices at 1330 East Chambers Avenue, Millcreek, Utah 84106 during regular business hours. Any interested person wishing to meet and discuss the Amended Plan and Amended Budget before the hearing may contact the Agency at the City Offices at (801) 214-2700 to set up an appointment. To schedule an appointment before the hearing, please call on or before January 17, 2024.
All concerned citizens are invited to attend the hearing on the Amended Plan and Amended Budget scheduled for 7:00 p.m. on January 22, 2024, or as soon thereafter as feasible, at the City Offices and/or to submit comments to the Agency before January 22, 2024, 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) 214-2700 or adainfo@millcreek.us at least 24 hours in advance of the meeting to request such accommodations.
Notice of Special Accommodations (ADA)
In compliance with the Americans with Disabilities Act, individuals needing special accommodations during this meeting/hearing should notify the ADA Coordinator at 801-214-2751 or adainfo@millcreek.us at least 48 hours in advance.
Notice of Electronic or Telephone Participation
The Agency may convene in an electronic meeting. Board Members may participate from remote locations and may be connected to the electronic meeting by GoToMeeting, Zoom, or telephonic communications. The anchor location will be City Hall. Public comment can be submitted via the City's website at: https://millcreek.us/FormCenter/Contact-Us-5/Public-Comments-61. The meeting will be live streamed via the City's website at: https://millcreek.us/373/Meeting-Live-Stream.