General Information

Government Type

Municipality

Entity

Millcreek

Public Body

City Council

Notice Information

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Notice Title

City Council Public Hearing and Bonds to be Issued Notice

Notice Tags

bond

Notice Type(s)

Notice, Hearing, Bond

Event Start Date & Time

June 23, 2025 07:00 PM

Event End Date & Time

June 23, 2025 09:00 PM

Description/Agenda

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on May 27, 2025, the City Council (the 'City Council') of Millcreek, Utah (the 'City'), adopted a resolution (the 'Resolution') in which it authorizes (i) the form of a Sales Tax Agreement (the 'Sales Tax Agreement') by and between the City and the Millcreek Community Reinvestment Agency, Utah (the 'Agency') for the repayment of Agency's Sales Tax and Tax Increment Revenue Bonds, Series 2025 (the 'Bonds'), (ii) the creation of an obligation of the City under the Sales Tax Agreement (the 'City Obligation'), and (iii) holding a public hearing to receive input from the public with respect to (a) the Sales Tax Agreement and in connection therewith the issuance of the City Obligation and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Bonds (repayment of which is secured by the City Obligation) may have on the private sector. PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING The City shall hold a public hearing on June 23, 2025, at the hour of 7:00 p.m. at 1330 East Chambers Avenue, Millcreek, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the Sales Tax Agreement and in connection therewith, the issuance of the City Obligation and (b) any potential economic impact that the Project to be financed with the proceeds of the Bonds (repayment of which is secured by the City Obligation) may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE BONDS The Bonds (repayment of which is secured by the City Obligation) will be issued by the Agency for the purpose of (a) financing the acquisition of land and improvements to certain retail structures within the Millcreek Common East Block (the 'Project') located within the Millcreek Center CRA (as defined in the Resolution) as permitted under the Limited Purpose Local Government Entities Community Development and Renewal Agencies Act, Title 17C, Utah Code Annotated 1953, as amended, (b) funding a reserve fund, if necessary, and (c) paying costs of issuance. The City Council of the City has elected to treat the City Obligation as a bond for purposes of Title 11, Chapter 14 of the Utah Code. PARAMETERS OF THE OBLIGATION The City intends that the aggregate principal amount of the City Obligation shall not exceed $25,000,000. The City Obligation shall mature in not more than thirty-two (32) years from its date or dates and shall bear interest at a rate or rates of not to exceed seven percent (7.00%) per annum, as shall be approved by designated officers of the City, all within the parameters set forth herein. The Bonds (repayment of which is secured by the City Obligation) shall be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof. The City Obligation is to be issued pursuant to the Resolution, including as part of said Resolution, the Sales Tax Agreement, a General Indenture of Trust and a Supplemental Indenture of Trust (collectively, the 'Indenture') which were before the Council at the time of the adoption of the Resolution and said Indenture is to be executed by the City in such form and with such changes thereto as shall be approved by the City; provided that the principal amount, interest rate or rates, maturity, and discount of the Bonds will not exceed the maximums set forth above. REVENUES TO BE PLEDGED The City proposes to pledge 100% of the sales and use tax revenues received by the City pursuant to the Local Sales and Use Tax Act, Title 59, Chapter 12, Part 2 of Utah Code Annotated 1953, as amended, to the payment of the City Obligation. OUTSTANDING BONDS SECURED BY REVENUES Other than the proposed City Obligation, the City currently has $50,485,000 principal amount of bonds outstanding secured by the Revenues. OTHER OUTSTANDING BONDS OF THE CITY Information regarding all of the City's outstanding bonds may be found in the City's audited financial report (the 'Financial Report') at: https://reporting.auditor.utah.gov/searchreports/s/. For additional information more recent than the date of the Financial Report, please contact the City Manager (phone: 801-214-2722). TOTAL ESTIMATED COST OF BONDS Based on the Agency's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds is estimated at approximately $47,293,480. Due to the nature of the City Obligation under the Sales Tax Agreement, which is being issued by City for repayment of the Bonds, the total principal and interest cost thereof is expected to correspond with the total principal and interest cost of the Bonds described in the foregoing sentence. A copy of the Resolution, the Indenture, and the Sales Tax Agreement are on file at 1330 East Chambers Avenue, Millcreek, Utah, where they may be examined during regular business hours from 8:00 a.m. to 5:00 p.m. for a period of at least thirty (30) days from and after the date of publication of this notice. NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the first date of the publication of this notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution, the Indenture, the Sales Tax Agreement (but only as it relates to the City Obligation), or the City Obligation, or any provision made for the security and payment of the City Obligation, and that after such time, no one shall have any cause of action to contest the regularity, formality, or legality thereof for any cause whatsoever. DATED this May 27, 2025. /s/Elyse Sullivan City Recorder

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@millcreekut.gov at least 48 hours in advance.

Notice of Electronic or Telephone Participation

The Council may convene in an electronic meeting. Council 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://www.millcreekut.gov/FormCenter/Contact-Us-5/Public-Comments-61. The meetings will be live streamed via the City's website at: https://www.millcreekut.gov/373/Meeting-Live-Stream.

Meeting Information

Meeting Location

1330 E Chambers Avenue
Millcreek, UT 84106
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Contact Name

Elyse Sullivan

Contact Email

esullivan@millcreek.us

Contact Phone

(801)214-2700

Notice Posting Details

Notice Posted On

May 29, 2025 11:49 AM

Notice Last Edited On

May 29, 2025 11:49 AM

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