HomeMy Public PortalAboutILA-GC-USU CAMPUSINTERLOCAL AGREEMENT FOR THE JOINT REPAYMENT OF A LOAN
FROM THE UTAH PERMANENT COMMUNITY IMPACT FUND BOARD TO
THE CITY OF MOAB FOR CONSTRUCTION OF INFRASTRUCTURE
BETWEEN US HWY 191 AND THE FUTURE USU-MOAB CAMPUS
DEVELOPMENT SITE BY AND BETWEEN MOAB CITY, UTAH AND
GRAND COUNTY, UTAH
Whereas, the City of Moab ("City") and Grand County ("County") have both
formally expressed their commitment to the development of a new four-year
USU Moab campus through resolutions and budgetary allocations; and,
Whereas, an infrastructure corridor between US Hwy 191 and the future
USU Moab Campus site is required before any development can occur; and,
Whereas, the infrastructure corridor is estimated to cost $3,852,229; and,
Whereas, the details of how io fund the construction of said infrastructure
corridor are further defined In Appendix A; and,
Whereas, the City received a loan offer from the Utah Permanent
Community Fund Impact Board (CIB) in the amount of $727,000 to assist
with the construction costs of the infrastructure corridor; and,
Whereas, the repayment of said loan will amount to annual payments of
between $46,125 - $47,425 over 20 years, with the first payment due on
March 1, 2019;
Now therefore, the City and County hereby agree to share in the
repayment of the CIB loan in the following way:
The City will pay the first $75,000 In debt service. Afterwards, the City and
County will share equally in the debt service. Should the County establish a
Community Reinvestment Area that includes the properties upon which the
infrastructure corridor will exist, it shall have the option to pay its portion of
the debt service using tax increment financing.
Dated this 27 day of al: 2017.
Appendix A
Financial Contributions to infrastructure Corridor between US Hwy
191 at Hill Creek Dr. and the USU-Moab Future Campus Development
Site
Project
The infrastructure corridor will indude 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. To date, the City, the County, and SITLA have committed
matching cash funds towards the project. USU has contributed an in kind
match of the cost of the property. Amounts are listed below.
City - $450,000
County — $525,000
SM A — $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 CIB award and matching cash funds will be used to construct the
Infrastructure corridor.
Attest:
City of Moab, Utah:
` j1 I \In t
Rashel-RFisom, City Recorder
UUI��I��p{-tNSQ t�l
1 , Mayor �~
Ern; I y 5. NI;
Grand County, Utah:
Gme,, C4,ti.at.
Diana Carroll, Clerk/Auditor
JayJ�n�H h►k , County Council Chair