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PKT-CC-2017-05-30
City of Moab 217 East Center Street Moab, Utah 84532-2534 Main Number (435) 259-5121 Fax Number (435) 259-4135 Memorandum To: Councilmembers and Media From: Mayor David L. Sakrison Date: 5/29/2017 Re: Special Joint City/County Council Meeting Mayor: Council: David L. Sakrison Kyle Bailey Rani Derasary Heila Ershadi Kalen Jones Tawny Knuteson-Boyd The City of Moab will hold a Special Moab City Council Meeting on Tuesday, May 30, 2017 at 11:30 AM. The purpose of this meeting will be: 1-1 Approval of an Amplified Music Event at Old City Park on June 3, 2017 for Kevin Harmison 1-2 Approval of an Amplified Music Event at Old City Park on June 10, 2017 for the Moab Valley Humane Society 1-3 Discussion Regarding Creation of a USU-Moab Community Reinvestment Agency and Area 1-4 Discussion Regarding the USU-Moab Infrastructure CIB Loan 1-5 Discussion Regarding the Formation of a Joint Study Committee Regarding a Possible Downtown Bypass The meeting will begin in the Council Chambers at the Grand County Courthouse, 125 East Center Street, Moab, Utah. Mayor David L. Sakrison In compliance with the Americans with Disabilities Act, individuals needing special accommodations during this meeting should notify the Recorder's Office at 217 East Center Street, Moab, Utah 84532; or phone (435) 259-5121 at least three (3) working days prior to the meeting. First EPA Green Power Community in the Nation Carmella Galley <carmella@moabcity.org> wedding reservation at old city park 2 messages Kevin Harmison Fri, May 19, 2017 at 3:16 PM To: city-council@moa city.org I was just barely informed that we need the approval of the city council to have music at our daughters wedding. May we please be allowed to play music from 7pm to 9pm on June 3, 2017 Is this sufficient or do I need a letter or come to the city council meeting? thank you, Ninarose Harmison You received this message because you are subscribed to the Google Groups "City Council" group. To unsubscribe from this group and stop receiving emails from it, send an email to city-council+unsubscribe@ moabcity.org. To post to this group, send email to city-council@moabcity.org. To view this discussion on the web visit https://groups.google.com/a/moabcity.org/d/msgid/city-council/7983A2EE-F5D5- 42DE-A92F-27CDB D7DBC2B%40me.com. Pumane Society of Moab Valley April 12, 2017 Rachel Stenta City Recorder/Assistant City Manager 217 E. Center St. Moab, Utah 84532 Dear Rachel, 956 Sand Flats Rd. Moab, UT 84532 435-259-HUMANE www.moabpets.org I am sending you information regarding the Humane Society of Moab Valley's annual fundraiser Dawg Days of Summer. The event will be held at Old City Park Saturday, June 10, 2017 from 5:00-8:00. We are requesting approval from the Moab City Council for the use of amplified music. Please let me know if there is any other information that you require. Thank You, Leigh Ryan Director HSMV 435-259-4862 moabhumane@gmail.com AGENDA SUMMARY GRAND COUNTY COUNCIL MEETING May 30, 2017 Agenda Item: TITLE: Community Reinvestment Area (CRA) and CIB Loan Repayment for USU Moab Infrastructure Corridor FISCAL IMPACT: TBD; Annual debt service on CIB loan = approximately $46,125 - $47,425/yr. for 20 years, with the first payment due on March 1, 2019. PRESENTER(s): Zacharia Levine, Community Development Director Prepared By: ZACHARIA LEVINE GRAND COUNTY COMMUNITY DEVELOPMENT DIRECTOR FOR OFFICE USE ONLY: Attorney Review: N/A STATED MOTION : Move to approve the Interlocal Agreement for the repayment of a CIB loan to the City of Moab for the construction of an infrastructure corridor to the future USU Moab campus. STAFF RECOMMENDATION: Staff recommends Council select one of the following options for contributing to the annual debt service associated with the CIB loan: 1. Grand County and the City of Moab agree to equally split the debt service (50-50). Each entity determines the appropriate fund from which to pull the money. 2. The City of Moab agrees to pay 100% of the debt service. 3. The City of Moab agrees to pay 100% of the debt service (for the purposes of securing the loan). The County establishes a Community Reinvestment Area, and within the CRA project plan and budget, it designates the CIB loan repayment as its first expenditure of tax increment revenue collected.* 4. The City and County agree to (1) above, the County proceeds with the CRA as described in (3) above, and when the CRA starts generating sufficient revenue, the CRA takes over paying the County's portion. *If the CRA is to expend tax increment revenue on the CIB loan repayment, that will have to be spelled out in the CRA project plan and budget. This involves two tasks that are likely to extend beyond the deadline for Moab City to formally accept the CIB loan terms (August 9, 2017). First, all of the taxing entities that collect property taxes within the CRA project area need to agree to share their tax increment revenue with the CRA. Second, the CRA project plan and budget must go through a formal public noticing process estimated to be about two months. BACKGROUND: • Although technically separate issues that need to be voted upon independently, the CIB loan repayment and Community Reinvestment Area (CRA) are presented together because of the possibility of using tax increment revenue to pay down the CIB loan. " A d a m L o n g f r o m S m i t h H a r t v i g s e n P L L C w i l l p r o v i d e a n i n t r o d u c t i o n t o C R A s a n d a n s w e r q u e s t i o n s f r o m c o u n c i l m e m b e r s . " Z i o n s B a n k P u b l i c F i n a n c e h a s b e e n t a s k e d w i t h c o n d u c t i n g a m a r k e t s t u d y t o f o r e c a s t n e w g r o w t h a n d , t h u s , t h e e s t i m a t e d l e v e l o f t a x i n c r e m e n t r e v e n u e w e m i g h t s e e w i t h i n t h e d r a f t b o u n d a r i e s ( s e e a t t a c h m e n t s b e l o w ) o v e r t h e n e x t 2 0 y e a r s . T h i s s t u d y w i l l b e g i n s o o n . A l t h o u g h t h e s t u d y w i l l n o t i n c l u d e i n f o r m a t i o n o n t h e p r o c e s s o f s e t t i n g u p a C R A p e r s e , i t w i l l i n f o r m t h e p r o j e c t p l a n a n d b u d g e t . A d a m L o n g w i l l a d d r e s s p r o c e s s , a m o n g o t h e r t h i n g s . A d d i t i o n a l I n f o r m a t i o n : C o m m u n i t y R e i n v e s t m e n t A g e n c y / A r e a ( C R A ) " I n t h e S t a t e o f U t a h , C R A s r e p r e s e n t t h e m o s t w i d e l y u s e d e c o n o m i c d e v e l o p m e n t t o o l a t t h e l o c a l l e v e l . " C R A s e n a b l e t h e C R A g e n c y t o s u p p o r t d e s i r a b l e n e w d e v e l o p m e n t i n t a r g e t e d C R A r e a s u s i n g " t a x - i n c r e m e n t f i n a n c i n g , " o r T I F f o r s h o r t . " T a x i n c r e m e n t r e v e n u e i s t h e i n c r e a s e i n p r o p e r t y t a x r e v e n u e r e l a t e d t o n e w g r o w t h i n t h e C R A r e a . T a x i n c r e m e n t r e v e n u e d o e s n o t c o m e f r o m n e w o r h i g h e r t a x e s , b u t r a t h e r t h e i n c r e a s e d p r o p e r t y v a l u e a s s o c i a t e d w i t h n e w d e v e l o p m e n t . " W h e n t a x i n g e n t i t i e s a g r e e t o c o n t r i b u t e a p e r c e n t a g e o f t h e i r t a x i n c r e m e n t r e v e n u e t o a C R A r e a , t h a t m o n e y c a n b e u s e d t o s u p p o r t o r i n c e n t i v i z e n e w d e v e l o p m e n t w i t h i n i t s b o u n d a r i e s . " A t t h e e n d o f a C R A r e a p r o j e c t l i f e t i m e ( t y p i c a l l y 2 0 y e a r s ) , a l l t a x i n g e n t i t i e s r e c e i v e t h e i r f u l l a l l o c a t i o n o f p r o p e r t y t a x . " I f t h e C R A i s s u c c e s s f u l , t h e t a x i n g e n t i t i e s s h o u l d r e c e i v e m o r e t a x r e v e n u e ( a n d e a r l i e r i n t i m e ) t h a n w o u l d h a v e o c c u r r e d w i t h o u t t h e s u p p o r t p r o v i d e d t o s p u r r i n g n e w d e v e l o p m e n t . " B e c a u s e a C R A c o u l d f u n d m u l t i p l e p r o j e c t s w i t h i n t h e C i t y o f M o a b ( i n f r a s t r u c t u r e b e t w e e n U S 1 9 1 a n d t h e f u t u r e U S U M o a b c a m p u s , r e s i d e n t i a l a n d c o m m e r c i a l d e v e l o p m e n t a d j a c e n t t o t h e c a m p u s , a n d t h e c a m p u s i t s e l f ) , t h e C i t y a n d C o u n t y n e e d t o w o r k t o g e t h e r i n d r a f t i n g C R A r e a b o u n d a r i e s , a p r o j e c t p l a n a n d b u d g e t , a n d I n t e r l o c a l a g r e e m e n t s r e l a t e d t o n e w d e v e l o p m e n t . ( S e e a t t a c h e d m a p s f o r a n i n i t i a l d i s c u s s i o n . ) " T h e C R A c o n c e p t i s t i m e l y b e c a u s e t h e C i t y o f M o a b w i l l s o o n d e c i d e o n i t s a b i l i t y a n d w i l l i n g n e s s t o a c c e p t a l o a n f r o m t h e P e r m a n e n t C o m m u n i t y F u n d I m p a c t B o a r d ( C I B ) t o c o n s t r u c t t h e i n f r a s t r u c t u r e n e e d e d t o s e r v e t h e f u t u r e U S U M o a b c a m p u s . I n a d d i t i o n t o o t h e r r e v e n u e s o u r c e s , T I F d o l l a r s c o u l d h e l p i n t h e r e p a y m e n t o f s a i d l o a n . A T T A C H M E N T ( S ) : 1 . C i t y o f M o a b m e m o r e : C I B l o a n r e p a y m e n t 2 . T I F P r o p e r t y T a x ( G r a p h i c s h o w i n g h o w t a x i n c r e m e n t r e v e n u e i s c o l l e c t e d ) 3 . C o u n t i e s b y t h e N u m b e r s : T a x I n c r e m e n t F i n a n c i n g ( U t a h A s s o c i a t i o n o f C o u n t i e s ) 4 . D R A F T C R A B o u n d a r i e s 5 . Z i o n s B a n k m a r k e t s t u d y ( s c o p e o f w o r k ) City of Moab Planning Department 217 East Center Street Moab, Utah 84532-2534 (435) 259-5129 Fax (435) 259-0600 Memorandum To: Moab City Council, Grand County Council. From: Amy Weiser, Community Services Director Date: May 19, 2017 Re: Update on CIB Grant/Loan Mayor: David L. Sakrison Council: Kyle Bailey Rani Derasary Heila Ershadi Kalen Jones Tawny Knuteson-Boyd The purpose of this memo is to help both Council's understand the terms and conditions of the CIB Loan, the deadline date for closing on the loan, and to come to some understanding on the payment of the debt service. Project The CIB application (attached) provides the details for the project; the purpose of which is to construct the infrastructure necessary to access the future USU Moab campus site. This will include all utilities and Phase 1 of the extension of Mill Creek Drive. The total cost for the project is estimated to be $3,852,229. The CIB application requested a grant in the amount of $1,453,241. Both the City, the County, and SITLA committed matching cash funds towards the project. USU contributed an in kind match of the cost of the property. Amounts are listed below. City - $450,000 County — $525,000 SITLA — $250,000 USU — $1,173,998 in kind contribution of the cost of the land and conceptual design/engineering CIB Award On February 2, 2017 the CIB voted to award the City a $726,241 grant and a $727,000 loan. The City had hoped that the entire amount requested would be awarded as a grant. The award Page 1 of 2 letter (attached), dated February 9, 2017, includes the terms for the loan. The loan authorization is valid for 6 months from the date of the award letter, or until August 9, 2017. The assumption is that the City would close on the loan by August 9th. The City must hire an engineer to prepare final design and construction documents, put the project out to bid, and award the contract in order to close the loan. In addition, the cash contributions from the City, the County and SITLA must be deposited into an escrow account no later than 30 days prior to closing. Debt Service — Loan amount of $727,000 The City is requesting that the County assist with paying back the debt service. The City did not anticipate that the CIB would vote to split the amount requested between a loan and a grant. The USU Campus will be an important asset to the community and will benefit both the City and the County. Both the City and the County have already committed significant funds and time towards the CIB application. It is vital to the USU Moab Campus that the Mill Creek extension project move forward and that construction begins late 2018/2019. The terms of the loan are annual installments of approximately $46,125 - $47,425 over 20 years with the first payment due on March 1, 2019. Options discussed for Debt Service Repayment The City proposes an equitable share in the debt service repayment. Since the County contributed $75,000 more up front for the CIB application, the City will pay the first $75,000 in debt service to make up the difference. From that point forward the City proposes a 50/50 split of the annual payment; approximately $23,500 annually for both the City and the County. The City intends to pay its share of the debt service using sales tax revenue, just as we did for the $450,000 share towards the CIB loan/grant. Zacharia Levine and Chris Baird have been researching the idea of forming a County Community Reinvestment Agency (CRA). A project boundary could be created around the USU Moab campus and nearby properties. The County could then pay back its share of the debt service from the tax increment revenue generated by the CRA. This may take some time as the tax increment only becomes available as properties re -develop. Until the CRA funds are available, the County could continue to set aside their share of the debt service from existing sales tax/property tax revenues. Deadline — Time is of the Essence If the City does not close on the loan by August 9th we may lose the award. Prior to spending time and money on construction documents the City is seeking some assurance from the County that they will share in the repayment of the debt service. Page 2 of 2 Max Property Taxes in CRA/TIF District ($) o Tax Increment Financing Property Tax Revenue Growth Property tax associated with "new growth" (only) shared with CRA... No new taxes, just % share TIF Account Fund Collected From Increment Revenue to Overlapping Taxing .10 Property tax going to County, School District, GWSSA, Cemetary, etc. Year 0 TIF District Established Allocations to taxing entities return to original percentages Year 20 (or as defined) TIF District Expires Tie Counties by the Numbers: Tax Increment Financing - Utah Association of Counties in UTAH COUNTIES Tiv 1lrrifyhtg toblee for County Goverruneru E F T Y HOME UAC CALENDAR LEGISLATION MEMBERS DIRECTORY DATA HUB PARTNERSHIPS UCIP LINKS Counties by the Numbers: Tax Increment Financing AUGUST 5, 2016 BY UAC Tax Increment Financing During the 2016 Legislative Session, SB 151 was introduced and passed providing a rewrite to Utah's Community Development Act. SB 151 is the latest in a number of pieces of legislation that have altered Utah's system of tax increment financing. Tax increment financing involves taking a cut of taxes generated from the property value of an assigned community development area and reinvesting those revenues into the area in the form of subsidies of infrastructure to incentivize development. Tax increment is a tool used by both Utah cities and counties and is closely tied with municipal and county redevelopment agencies. The worth of tax increment financing has long been debated with proponents arguing that it provides a valuable tool in rehabilitating blight and encouraging economic development, and critics arguing that its primary use is for municipalities to steal retail from one another resulting in no net economic growth. http://uacnet.org/counties-numbers-tax-increment-financing/[5/15/2017 4:08:52 PM] Counties by the Numbers: Tax Increment Financing - Utah Association of Counties This article will not attempt measure the value of tax increment financing as public policy (you're welcome to call the author directly for my unfettered opinion on the subject). Instead, the article will consider just how big a tool tax increment financing is in Utah. In 2016, there were communities in 17 Cities Using Increment of Utah's 29 counties using tax increment with 61 total municipalities a, engaging in tax increment financing. In E,) some counties this consisted of a solitary city while in others, the majority of municipalities had some 2012 2013 2054 NY5 2D1S sort of tax increment footprint (in Salt Figure 1 Lake County, for example, all but two cities were collecting tax increment). These numbers are not much different than those over the past five years. As figure 1 shows, there have been 61 cities in Utah using tax increment in three of the past five years. i i In addition to the 61 cities using tax increment in 2016, eight counties utilized it in 2016 as well. (This works out to roughly 25 percent of both cities and counties in the state.) The next question regarding tax increment financing should be just how much property value is included in tax increment. According to the Tax Commission's Certified Tax Rate database, five percent of Utah's property value is included in existing community development and renewal agencies —that works out to $11.8 billion! Of that, 96 percent of the value is included within municipal agencies. Please don't misunderstand; these numbers don't suggest that a whole five percent of property taxes in the state are diverted into tax increment financing, rather five percent of property value is included within community development and renewal agencies. The actual amount of property taxes diverted is likely much lower as most CDRA projects divert only a portion of the property taxes collected within the project. Still, given the fact that 96 percent of five percent of Utah's property value is http://uacnet.org/counties-numbers-tax-increment-financing/[5/15/2017 4:08:52 PM] Counties by the Numbers: Tax Increment Financing - Utah Association of Counties contained within municipal community development and renewal agencies' project areas, it does make one wonder how much additional property taxes are being diverted to Utah's cities. The most current Annual Statistical Report prepared the Property Tax Division of the Tax Commission figures Utah's counties account for 19 percent of the property tax burden in the state while Utah's cities make up 14 percent of that burden. If we included tax increment financing in that calculation, those numbers would definitely be closer. If you have a subject you'd like UAC to explore in a future Counties by the Numbers article, please email Arie Van De Graaff at arie@uacnet.org. FILED UNDER: BY THE NUMBERS, NEWS/SLIDER FRIDAY LEGISLATIVE FACTS May 2017 Legislative Interim Schedule MAY 12, 2017 BY UAC The legislature kicks off their first series of interim meetings next week. Below is a schedule of issues on the agenda of county interest. Tuesday, May 16 The Transportation Governance and Funding Task Force begins its work on assessing Utah's transportation system moving forward. 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WOr ZIONS ©© PUBLIC FINANCE, INC. April 27, 2017 RE: PROPOSAL FOR MARKET STUDY FOR USU COMMUNITY REINVESTMENT STUDY AREA To Whom It May Concern: Zions Public Finance, Inc. (ZPFI), is pleased to submit this Proposal to conduct a market study, as a precursor to the formation of a Community Reinvestment Area (CRA), in Moab. The market study is essential to understanding the potential amount of tax increment that could be generated through the CRA. ZPFI has contacted the Grand County Assessor's Office to determine what information is available that will assist with our market study. The Assessor's Office indicates that we can purchase the tax rolls with the following information by parcel: • Market value/taxable value • Year built • Property type and use • Square feet of building improvements Grand County says the cost is $1,000. We have not included this cost in our fee estimate below, but have assumed that since the client includes Grand County, this information would be made available to us free of charge. Scope of Work Our approach to conducting a market analysis is as follows: • Using GIS mapping, identify all vacant parcels and acreage in the study area • Review Assessor's data to establish trends of number of new units built, by type, and location • Conduct interviews with local planning staff, real estate brokers, etc., to identify trends in Moab City and Grand County • Create spreadsheet of potential absorption, by unit type and cost, within the project study area. This spreadsheet will later feed directly into the budget for the CRA • Short text narrative describing the assumptions used for market demand and pricing Proposed Fee The proposed fee for a market study is $6,500. This does not include any trips or presentation to Grand County. If such trips are desired by the client, ZPFI will first obtain approval from the client and propose the costs associated with that travel. The proposed fee also does not include the purchase of the data from the Assessor's Office that is described above. One South Main Street, 18th Floor, Salt Lake City UT 84133-1904 Telephone: 801.844.7373 Fax: 801.844.4484 Market Study for CRA Site I Proposal for Consulting Services ©© II El If we can provide you with any further information, please do not hesitate to give us a call. We look forward to the opportunity of working with you. Best Regards, Susie Becker Vice President, Zions Public Finance, Inc. 2 Zions Public Finance, Inc. 1 April 2017