Community Reinvestment Agency

Minutes of the Millcreek Community Reinvestment Agency April 11, 2022 7:00 p.m. Regular Meeting The Community Reinvestment Agency of Millcreek, Utah, met in a regular public meeting on April 11, 2022, 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 Thom DeSirant Mike Winder, City Manager Cheri Jackson Kurt Hansen, Facilities Director Bev Uipi (excused) Francis Lilly, Planning & Zoning Director Laurie Jobnson, HR-Finance Director Attendees: Chief Steve DeBry REGULAR MEETING: 7:00 p.m. TIME COMMENCED: 8:56 p.m. Chair Silvestrini called the meeting to order. 1. Fiscal Year 2022-23 Community Reinvestment Agency Tentative Budget Presentation; Laurie Johnson, HR-Finance Director Laurie Johnson reviewed the revenue budget. The total revenues from property tax and loan proceeds for Millcreek Center CRA was $721,800 and property tax revenue for West Millcreek CRA was $1,200,250. The Millcreek Center CRA expense budget showed the debt interest. In FY23 and FY24, the portion of bond payment is interest only. In FY25, the principal gets added to the interest expense, staring at $140,000 then gradually increasing. The bond is due to be paid by June 2040. She said the West Millcreek CRA expense budget reflected the loan to the Millcreek Center CRA and tax increment commitments. The total loan to tlie Millcreek Center CRA through FY22 was $1,950,466. Mike Winder said the loan amount on Millcreek Center had gone down. He said once the projects under construction were completed in the next couple of years, the increment would increase. 2. Discussion and Consideration of Resolution 22-07, Aclaiowledging Receipt of the Community Reinvestment Agency (CRA) Tentative Budget on April 11, 2022; and Mfflcreek CRA Meeting Minutes 11 April 2022 Page 2 of 2 Tentatively Adopting the Tentative Budget for the Fiscal Year Beginning July 1, 2022, and Ending June 30, 2023 Board Member Jackson moved to adopt Resolution 22-07, aclaiowledging receipt of the Community Reinvestment Agency tentative budget, and tentatively adopting the tentative budget. Board Member Catten seconded. The Recorder called for the vote. All Board Members present voted yes. The motion passed unanitnously. ADJOURNED: Board Member Jackson moved to adjourn the meeting at 9:00 p.m. Board Member Catten seconded. Chair Silvestrini called for the vote. All Board Members present voted yes. The motion passed unanimopsly. /¥,7 Cheri Jackson, Temporary Chair Attest: !!an, Recorder