Community Reinvestment Agency

Minutes of the Millcreek Community Reinvestment Agency September 13, 2021 7:00 p.m. Regular Meeting The Comi'nunity Reinvestment Agency of Millcreek, Utah, met in a regular public meeting on September 13, 2021 at City Hall, located at 3330 S. 1300 E., Millcreek, UT 84106. The meeting was 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 Elyse Sullivan, Agency Recorder Dwiglit Marchant Rita Lund, Coininunications Director Cheri Jackson Kurt Hansen, Facilities Director Bev Uipi Laurie Johnson, HR-Finance Director Mike Winder, Assistant City Manager Francis Lilly, Planning & Zoning Director Josie Showalter, Assistant to Econ. Dev. Director Attendees: Norma Carr, Thom DeSirant, David Baird, Marv Poulson, Beverly Boyce, Angel Vice, Rachel Clark, Jeremiah Clark, Chief Steve DeBry, and Chief Duane Woolsey. REGULAR MEETING: 7:00 p.m. TIME COMMENCED: 7:35 p.m. Chair Silvestrini called the meeting to order. 1. Public Hearing on the Woodland Avenue Community Reinvestment Project Area Budget Chair Silvestrini said the Woodland Avenue area was the area that Salt Lake City ceded to Millcreek in a boundary adjustment. Since the property was not in Millcreek when the City formed the Millcreek Center Comi'nunity Reinvestment Area (CRA), it could not be included then. Now Millcreek has obtained consent from all the affected taxing entities, the plan and budget can move forward. Josie Showalter said the small piece of land the Chair referenced became part of Millcreek in July 2020. The plan and budget for the Millcreek Center CRA called for using tax increment to service a $20 million bond to build Millcreek Cornrnon, a public plaza and open space designed to utilize a fault line corridor in a productive way to stimulate economic development in the area. Part of that plan included the newly acquired property. She reported that the Millcreek Common was a catalyst for economic development in the area and it was working. There were currently 9 Millcreek CRA Meeting Minutes 13 September 2021 Page 2 of 3 projects in different stages of development around Millcreek Common, including one new development in the Woodland Avenue CRA. The developments will bring in over 1,000 new residential units, with office and retail spaces built into each project. Millcreek Coinmon is an amenity and open space for the community that will encourage walkable mixed-use developments around it. Phase I is rinder construction and will be completed at the end of 2021. Millcreek plans to create Phase II of Millcreek Coinmon on the newly annexed property. The estimated cost for Phase II is $10,500,000 and the estimated funding gap is $3,000,000. Showalter presented that the estimated tax increment of Woodland Avenue CRA would be $4,555,098, with a 20% pass through of $1,144,948 to the taxing entities, so the adjusted increment for Millcreek would be $3,410,150. Of that, 5% would be used for administration and 15% for affordable housing, so the net adjusted increment would be $2,728,120. She noted that each taxing entity would give 80%, except Central Utah Water Conservancy District would give 75% and Salt Lake County Library would not contribute. The Woodland Avenue CRA would complete the CRA for the Millcreek City Center, entice new development (indirectly), support the new Millcreek Common, create an economic and coinmunity asset, and bridge the gap for Millcreek Common Phase II. Showalter said there were different taxing entities in this property than in the Millcreek Center CRA, so that is why an addendum to the Millcreek Center CRA did not take place. Board Member Marchant asked how the library not participating impacted Millcreek. Showalter said it was not beneficial for the City. Chair Silvestrini said they were the agency that could least afford it. Board Member Catten moved to open the public hearing. Board Member Uipi seconded. The Recorder 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 Jackson seconded. Chair Silvestrini called for the vote. All Board Members voted yes. The motion passed unanimously, 2. Discussion and Consideration of Resolution 21-14, Adopting the Woodland Avenue Community Reinvestment Project Area Budget Board Member Uipi moved to approve item 2, Resolution 21-14, Adopting the Woodland Avenue Community Reinvestment Project Area Budget. Board Member Catten seconded. Chair Silvestrini thanked staff and said it took a long time to get approvals from the taxing entities. The Recorder called for the vote. All Board Members voted yes. The motion passed unanimously. 3. Public Hearing on the Woodland Avenue Community Reinvestment Project Area Plan Josie Showalter said all of the money would go towards paying for Phase II of Millcreek Common. Chair Silvestrini emphasized that none of the money would be paid to any Millcreek CRA Meeting Minutes 13 September 2021 Page 3 of 3 developer to subsidize any project. Millcreek Common Phase II was public infrastructure owned by Millcreek. Board Member Jackson moved to open the public hearing. Board Member Marchant seconded. The Recorder called for the vote. All Board Members voted yes. The motion passed unanimously. There were no comments. Board Member Jackson moved to close the public hearing. Board Member Uipi seconded. Chair Silvestrini called for the vote. All Board Members voted yes. The motion passed unanimously 4. Discussion and Consideration of Resolution 21-15, Adopting the Woodland Avenue Community Reinvestment Project Area Plan Board Member Uipi moved to approve item 4, Resolution 21-15, Adopting the Woodland Avenue Community Reinvestment Project Area Plan. Board Member Marchant seconded. The Recorder called for the vote. All Board Members voted yes. The motion passed unanimously. 5. Approval of June 28, 2021 Regular Meeting Minutes Board Member Uipi moved to approve minutes from the June 28'h regular meeting. Board Member Catten 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 7:46 p.m. Board Member Marchant seconded. Chair Silvestrini called for the vote. All Board Members voted yes. The motion passed unanimously. APPROVED: J Jeff Silvestrini. Chair Attest: a!lJu'n, Recorder