Community Reinvestment Agency

Minutes of the Millcreek Community Reinvestment Agency August 28, 2023 7:00 p.m. Regular Meeting The Community Reinvestment Agency of Millcreek, Utah, met in a regular public meeting on August 28, 2023, at City Hall, located at 3330 S. 1300 E., Millcreek, Utah 84106. The meeting was live streamed via the City's website with an option for online public coinment. PRESENT: Board Members City Staff Jeff Silvestrini, Chair John Brems, City Attorney Silvia Catten Elyse Sullivan, Agency Recorder Thom DeSirant Francis Lilly, Assistant City Manager Cl'ieri Jackson (electronic) Kurt Hansen, Facilities Director Bev Uipi (excused) Jim Hardy, Building Official Mike Winder, City Manager Lisa Dudley, HR-Finance Director Attendees: Lt. Petty-Brown REGULAR MEETING: 7:00 p.m. TIME COMMENCED: 7:29 p.m. Chair Silvestrini called the meeting to order. 1. Discussion and Consideration of Resolution 23-04, Approving the Use of $424,727.46 of the Agency's Housing Allocation for the Howick Project, $100,000 of which will be a Grant and $324,727.46 will be a Loan Repaid on Closing of Permanent Financing Mike Winder said the Howick (4101 S Howick Street) was a housing project (5 stories with 150 units) in the West Millcreek Urban Development Area. The project had already received grants for being an affordable housing project. The units would be deed restricted for affordable housing from 30-65% of the Average median income of the county. This project was under financial restraints with the current cost of construction and the housing market. Millcreek staff suggested using $424,427.46 ($300 less than the resolution initially had) of the Cominunity Reinvestment Agency's housing allocation to pay the city of Millcreek for the building pei'mit fees. When the project closed on permanent financing, which would occur prior to receiving the certificate of occupancy, tlie developer would pay $324,427.46 back. The remaining $100,000 would be theirs as a grant. Staff felt this was a fiscally responsible thing to do to help generate tl'ie tax increment in the area and morall able to lish the a 's ho a Mfflcreek CRA Meeting Minutes 28 August 2023 Page 2 of 2 Chair Silvestrini said part of the Agency's budget was set aside for affordable housing. Winder said there was a risk of losing money if tl'ie project did not get completed. Tlie agency, CDC Utah, was dependable in the coini'nunity. Board Member Catten asked if there was a downside in setting this precedent. Winder said the Agency had to decide if this was a project worth spending the money on versus something else tliat may show up. Chair Silvestrini said the project was attractive because it liad a range of affordability. Board Member DeSirant pointed out that about a third of the units had a 3 or more bedroom count, so it was designed for families. Board Member DeSirant moved to approve Resolution 23-04, Approving the Use of $424,427.46 of the Agency's Housing Allocation for the Howick Project, $100,000 of which will be a Grant and $324,427.46 wil} be a Loan Repaid on Closing of Permanent Financing. Board Member Catten seconded. Chair Silvestrini called for the vote. Board Member Catten voted yes, Board Member DeSirant voted yes, Board Member Jackson voted yes, and Chair Silvestrini voted yes. The motion passed unanimously. 2. Approval of July 10, 2023 Meeting Minutes Board Member DeSirant moved to approve the July 10, 2023 meeting minutes. Board Member Catten seconded. Chair Silvestrini called for the vote. Board Member Catten voted yes, Board Member DeSirant voted yes, Board Member Jackson voted yes, and Chair Silvestrini voted yes. The motion passed unanimously. Chair Silvestrini thanked staff for bringing the proposal to the Agency. ADJOURNED: Board Member DeSirant moved to adjourn the meeting at 7:39 p.m. Board Member Catten seconded. Chair Silvestrini called for the vote. Board Member Catten voted yes, Board Member DeSirant voted yes, Board Member Jackson voted yes, and Chair Silvestrini voted yes. The motion passed unanimously. Date (l-27i- ?iD2,3 Jeff Snvestrini, Chair Attest: