Community Reinvestment Agency

Minutes of the Millcreek Community Reinvestment Agency March 22, 2021 7:00 p.m. Regular Meeting 'd> " +elAEEK-is The Corni'nunity Reinvestment Agency of Millcreek, Utah, met in a regular public meeting on March 22, 2021 at City Hall, located at 3330 S. 1300 E., Millcreek, UT 84106. The meeting was conducted electronically per Millcreek State of Local Emergency Directive No. 2 of 2020 and live streamed via the City's website with an option for online public comment. PRESENT: Board Members City Staff Jeff Silvestrini, Chair John Brems, City Attorney Silvia Catten (electronic) Elyse Sullivan, Agency Recorder Dwight Marchant (electronic) Mike Winder, Assistant City Manager (electronic) Cheri Jackson (electronic) Kurt Hansen, Legislative Policy Director Bev Uipi (electronic) Francis Lilly, Planning and Zoning Director (electronic) Laurie Johnson, HR-Finance Director (electronic) Attendees: Christian Larson and Chief Steve DeBry. REGULAR MEETING - 7:00 p.m. TIME COMMENCED: 8:26 p.m. Chair Silvestrini called the meeting to order. 1. Discussion of FY 2021-22 CRA Budget Laurie Johnson said the tentative budget had minor changes from the previous fiscal year. The Millcreek Center CRA revenues Interest (Bond) line item drops to $1,000 and the Loan Proceeds line item is $721,800 received from tlie West Millcreek CRA to pay the interest payments on the bond. In the West Millcreek CRA, the revenues are Property Tax at $950,000 and Use of Fund Balance at $239,300. With expenses, the Millcreek Center CRA has the Debt Interest of $721,800. The West Millcreek CRA has the Loan to Millcreek Center CRA of $721,800, Tax Increment Corninitments of $242,000, Administration (4%) of $38,000, and Housing (20%) of $190,000. 2. Public Hearing on Opening and Amending the FY 2020-21 CRA Budget Laurie Johnson said for revenues in the Millcreek Center CRA, Rents & Leases had come in ($5,018) that needed to be recognized. The Miscellaneous line item increased by $3,010 and Use of Fund Balance by $907,465, and a reduction in Interest (Bond) by $29,000. The West Millcreek CRA Meeting Minutes 22 March 2021 Page 2 of 2 Millcreek CRA revenues included a reduction of $3,500 of Interest and an increase of $64,391 of Use of Fund Balance. She said the recognition of fund balance would true up with the audit. The expense changes for the Millcreek Center CRA included an increase in Professional Services for $938,078, Land for $6,219,838, and a reduction of $232,000 for Miscellaneous and $6,139,423 for Improvements (City Center). She said there was $24,872 left on the bond and any money from the sale of land wl'iich was purchased by the bond would be put back. The Tax Increment Commitments in the West Millcreek CRA included an increase of $60,891. Board Member Uipi moved to open the public hearing. Board Member Catten seconded. Chair Silvestrini called for the vote. All Board Members voted yes. The motion passed unanimously. There were no comments. Board Member Uipi moved to close the public hearing. Board Member Marchant seconded. Chair Silvestrini called for the vote. All Board Members voted yes. The motion passed unanimously 3. Discussion and Consideration of Resolution 21-02, Amending the Community Reinvestment Agency (CRA) Annual Budget for the Fiscal Year Beginning July 1, 2020, and Ending June 30, 2021 Board Member Marchant moved to approve Resolution 21-02, amending the CRA annual budget for the fiscal year beginning last July ls' and ending June 30fl'. Board Member Catten seconded. The Recorder called for the vote. All Board Members voted yes. The motion passed unanimously. 4. Approval of February 8, 2021 Regular Meeting Minutes Board Member Uipi moved to approve the minutes. Board Member Jackson seconded. Chair Silvestrini called for the vote. All Board Members voted yes. The motion passed unanimously, ADJOURNED: Board Member Uipi moved to adjourn the meeting at 8:34 p.m. Board Member Jackson seconded. Chair Silvestrini called for the vote. All Board Members voted yes. The motion . paAssPePrlRnOnqnimD?J,,,<3,-, Date9%;r-S Jeff Silvestrini, Chair >l i '2-72'l Attest: !yXL Recorder