THREE BRIDGES ASSESSMENT AREA NO. 1 DESIGNATION RESOLUTION
Notice Tags
Resolutions
Notice Type(s)
Notice,
Meeting
Event Start Date & Time
October 15, 2024 02:45 PM
Description/Agenda
THREE BRIDGES PUBLIC INFRASTRUCTURE DISTRICT NO. 1
THREE BRIDGES ASSESSMENT AREA NO. 1
DESIGNATION RESOLUTION
DATED AS OF OCTOBER 7, 2024
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DESIGNATION RESOLUTION
WHEREAS, the Board of Trustees (the 'Board') of the Three Bridges Public Infrastructure
District No. 1 (the 'District'), adopted Resolution No. 2024-06 on October 7, 2024, pursuant to
which the Board authorized and approved the form of this Designation Resolution; and
BE IT RESOLVED by the Board of Trustees of the Three Bridges Public Infrastructure
District No. 1, as follows:
Section 1. The Board hereby determines that it will be in the best interest of the District
to designate an area to finance the costs of publicly owned infrastructure, facilities or systems more
specifically described in Section 4 herein, along with other necessary miscellaneous
improvements, and to complete said improvements in a proper and workmanlike manner
(collectively, the 'Improvements'). The Board hereby determines that it is in the best interest of
the District to levy assessments against properties benefited by the Improvements to finance the
costs of said Improvements. The Board hereby finds that pursuant to the Act, the Improvements
constitute a publicly owned infrastructure, facility or system that (i) the District is authorized to
provide or (ii) is necessary or convenient to enable the District to provide a service that the District
is authorized to provide.
Section 2. Pursuant to the Assessment Area Act, Title 11, Chapter 42, Utah Code
Annotated 1953, as amended and the Public Infrastructure District Act, Title 17D, Chapter 4 of
the Utah Code (together, the 'Act'), the owners (the 'Owners') of all properties to be assessed
within the designated assessment area have voluntarily waived, among other things, all notice and
hearing requirements, the right to contest or protest, and the right to have a board of equalization
appointed as set forth in the Act, and have consented to (a) the levy of an assessment against their
property for the benefits to be received from the Improvements, (b) the designation of the
assessment area as herein described, (c) the financing of the Improvements by the District through
the issuance of assessment bonds, including the payment of installments over a period of not to
exceed 30 years, (d) the acquisition and/or construction of the Improvements, and (e) the method
and estimated amount of assessment as set forth herein in accordance with the Acknowledgment,
Waiver and Consent Agreement attached hereto as Exhibit A. The properties to be assessed are
identified by legal description in Exhibit B attached hereto.
Section 3. The District hereby designates an assessment area which shall be known as
the 'Three Bridges Assessment Area No. 1' (the 'Assessment Area'). A map and depiction of
the Assessment Area is attached hereto as Exhibit C. The District received an appraisal of the
unimproved property (from an appraiser who is a member of the Appraisal Institute) and addressed
to the District verifying that the market value of the property, after completion of the
Improvements, is at least three times the amount of the assessments proposed to be levied against
the unimproved property.
Section 4. The Improvements shall be generally located in and around the map and
depiction area attached hereto as Exhibit C. The District plans to finance the costs of publicly
owned infrastructure, facilities or systems as part of an approximately 530-acre residential and
commercial development (the 'Three Bridges Development'). The District plans to levy the
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4881-9819-3629, v. 3
assessments to finance the Improvements within the Three Bridges Development. The
Improvements are more particularly described as follows:
-Sewer improvements, including, but not limited to, treatment facilities, mains, lift
stations, manholes and manhole linings, sewer cleanouts, and laterals (various sizes).
-Water improvements, including, but not limited to, mains, valves, tees/crosses,
bends, thrust bonds, fire hydrants, blow offs and appurtenances (various sizes).
-Roads and roadway improvements including, but not limited to, rights of way,
bridges, earthwork, curbs, gutters, sidewalks, street signage, centerline monuments,
conduit crossings, street striping, streetlights and mailboxes.
-Storm drain improvements, including, but not limited to, storm drain pipes, catch
basins, junction boxes, inlets, culverts, cleanouts, trash racks, rip-rap and geotextile fabric.
-Recreation improvements, including, but not limited to, trails, pavilions and
restrooms, parks and playgrounds, courts and fields, and related improvements.
As further engineering, costs, efficiencies, or any other issues present themselves, the
District hereby reserves the right to approve reasonable changes to the allocation of expenditures
described above and the location and specifications of the Improvements (but not to the
Improvements) without obtaining the consent of the property owners within the Assessment Area.
Section 5. Pursuant to the Act, the Board has determined to levy assessments to pay
the cost of the Improvements. The assessments are assessed against properties in a manner that
reflects an equitable portion of the benefit of the Improvements as required by the Act (and in any
event the Owners have consented to such manner without reservation) and shall be payable in
annual installments as set forth in the Assessment Ordinance. The District has determined that the
reasonable useful life of the Improvements is at least thirty (30) years and that it is in the District
and the Owners' best interest for certain property owner installments to be paid for over up to
thirty (30) years.
Section 6. The total acquisition and/or construction cost of the Improvements,
including estimated overhead costs, administrative costs, costs of funding reserves, and debt
issuance costs, is estimated at $55,606,608 of which $45,400,000 is anticipated to be paid by
assessments to be levied against the properties within the Assessment Area to be benefited by such
Improvements, which benefits need not actually increase the fair market value of the properties to
be assessed. The District expects to finance the cost of the Improvements by issuing assessment
bonds (the 'Bonds'). The District currently estimates selling the Bonds at a true interest cost
interest rate of approximately 5.6739% per annum, maturing within thirty (30) years of their date
of issuance. Inasmuch as bonds have not been issued, the District notes that the interest rate and
annual payment are only as estimated and not a cap or maximum amount. It is anticipated that the
reserve fund will be initially funded with proceeds of the Bonds. The estimated cost of
Improvements to be assessed against the benefited properties within the Assessment Area are to
be initially assessed using an equivalent residential unit ('ERU') as follows:
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Notice of Special Accommodations (ADA)
The District complies with the Americans with Disabilities Act by providing accommodations and auxiliary communicative aids and services for all those in need of assistance. Persons requesting these accommodations for public meetings should call Jennifer Gowans at 435-628-3688 at least 24 hours before the meeting.
Notice of Electronic or Telephone Participation
Unless otherwise noted on the posted Agenda, meetings of the Board of Trustees will be held in person. For meetings held via videoconferencing or telephonic communication Trustees and other meeting participants and attendees will be able to participate remotely. Persons requesting video conference or telephonic accommodation for public meetings should call Jennifer Gowans at 435-628-3688 to make arrangements.