DRAPER CITY REDEVELOPMENT AGENCY

Transcription

1 DRAPER CITY REDEVELOPMENT AGENCY Notice is hereby given that the Draper City Redevelopment Agency will hold a Meeting on June 24, 2014, at approximately 7:00 p.m. (immediately following the Traverse Ridge Special Service District Meeting) in the City Council Chambers at 1020 East Pioneer Road, Draper, Utah. The agenda shall be as follows: 1.0 Call to Order - Chairman Vawdrey 2.0 Public Hearing: Resolution #RDA 14-03, Adopting the Redevelopment Agency Fiscal Year Final. Staff Report by Bob Wylie. 3.0 Motion to Approve Minutes ofjune 3, Adjourn to a Municipal Building Authority Meeting. SALT LAKE COUNTY/UTAH COUNTY, STATE OF UTAH I, the City Recorder of Draper City, certify that copies of the agenda for the Redevelopment Agency meeting to be held the 24th day of June, 2014, were posted on the Draper City Bulletin Board, Draper City website the Utah Public Meeting Notice website at and sent by facsimile to The Salt Lake Tribune and The Deseret News. Date Posted: RDA Seal achelle^lonner, MMC, City Recorder Draper City, State of Utah PUBLIC HEARING PROCEDURE AND ORDER OF BUSINESS In compliance with the American with Disabilities Act, any individuals needing special accommodations including auxiliary communicative aides and services) during this meeting shall notify Rachelle Conner, City Recorder, at least 24 hours prior to the meeting. Meetings ofthe Draper City Council may be conducted by electronic means pursuant to Utah Code Annotated Section In such circumstances, contact will be established and maintained by telephone and the meeting will be conducted pursuant to the Rules, Policies and Procedures established by the Governing Bodyfor electronic meeting.

2 RDA AGENDA ITEM #2

3 REQUEST FOR COUNCIL ACTION To: From: Date: Subject: Applicant Presentation: Staff Presentation: RDA Chairperson & Committee Members Bob Wylie, Finance Director June 24, 2014 Draper City RDA Adoption for FY None Bob Wylie, Finance Director RECOMMENDATION: Approve Resolution RDA adopting the budget for fiscal year ending June 30, 2015 for the following Redevelopment Agency areas: West Freeway Neighborhood Project Area, Crescent Neighborhood Project Area, Sand Hills Neighborhood Project Area, East Bangerter Project Area and the Gateway Project Area. BACKGROUND AND FINDINGS: See attached final budget. PREVIOUS LEGISLATIVE ACTION: Resolution No. RDA 14-2 adopting the tentative budget for fiscal year ending June 30, FISCAL IMPACT: Finance Review: See attached Draper City SUPPORTING DOCUMENTS: Resolution No. RDA document for fiscal year ending June 30, 2015

4 RESOLUTION NO. RDA A RESOLUTION ADOPTING THE REDEVELOPMENT AGENCY OF DRAPER CITY BUDGET FOR THE FISCAL YEAR WHEREAS, the Redevelopment Agency of Draper City is required to adopt an operating budget for each fiscal year; and WHEREAS, the tentative budget has been available for comment and review by the public; and WHEREAS, a public hearing to consider the tentative budget has been noticed and held and all interested persons were heard, for or against the budget; and WHEREAS, the Redevelopment Agency Board of Directors hereby finds this action in the best interest ofthe public's health, safety and general welfare. NOW, THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF DRAPER CITY, STATE OF UTAH AS FOLLOWS: Section 1. That the budgets for the following areas be adopted for the Fiscal Year : West Freeway Neighborhood Project Area Sand Hills Neighborhood Project Area Gateway Project Area Crescent Neighborhood Project Area East Bangerter Project Area Section 2. That the details of this budget are more specifically outlined in the document entitled "Redevelopment Agency of Draper City Annual, Fiscal Year Ending June 30, 2015" as incorporated herein, and established as the approved Fiscal Year budget. Section 3. Severability. If any section, part, or provision of this Resolution is held invalid, or unenforceable, such invalidity or unenforceability shall not affect any other portion ofthis Resolution, and all sections, parts, and provisions ofthis Resolution shall be severable. passage. Section 4. Effective Date. This Resolution shall become effective immediately upon its PASSED AND ADOPTED BY THE REDEVELOPMENT AGENCY OF DRAPER CITY, STATE OF UTAH ON THIS 24th DAY OF JUNE, ATTEST: REDEVELOPMENT AGENCY City Recorder Chairman Resolution No. RDA Date 6/24/2014

5 Redevelopment Agency Fund Adopted July 1, 2014 to June 30, 2015 CITY OF DRAPER, UTAH

6 Annual For Fiscal Year Ending June 30, 2015 REDEVELOPMENT AGENCY FUND City of Draper, Utah Actual Estimate BALANCE SUMMARY FY FY BEGINNING FUND BALANCE West Freeway Sandhills Crescent East Bangerter Gateway Additional $613,506 $222,395 $222,395 $920,875 1,874,555 2,556,911 2,556,911 2,476,027 (301,598) (43,469) (43,469) 437, ,429 1,344,805 1,344,805 1,619,080 (1,468,944) (1,327,040) (1,327,040) (1,202,365) (624,495) (685,313) (685,313) (648,181) 867,453 2,068,289 2,068,289 3,603,287 Revenues West Freeway Sandhills Crescent East Bangerter Gateway Additional 557,336 1,123, , , , , , ,000 1,075,844 1,354,401 1,087,000 1,087, , , , , , , , , , , , ,323 3,909,807 4,739,439 3,924,400 3,997,323 Expenditures West Freeway Sandhills Crescent East Bangerter Gateway Additional 948, , , ,000 56, , , , , , ,870 1,087, , , , ,000 25,658 22,001 3, , , , , ,323 2,708,972 3,204,441 3,281,862 3,997,323 ENDING FUND BALANCE West Freeway Sandhills Crescent East Bangerter Gateway Additional 222, , , ,875 2,556, ,476,027 2,510,482 2,476,027 (43,468.77) 437, , ,852 1,344, ,619,080 1,696,611 1,619,080 (1,327,039.67) (1,202,365) (1,210,732) (1,202,365) (685,313.49) (648,181) (746,398) (648,182) 2,068, $3,603,287 $2,710,827 $3,603,287

7 Annual For Fiscal Year Ending June 30, 2015 REDEVELOPMENT AGENCY FUND City of Draper, Utah Actual Estimate WEST FREEWAY NEIGHBORHOOD PROJECT AREA FY FY Expires: FY15-16 BALANCE SUMMARY Beginning Fund Balance $613,506 $222,395 $222,395 $920,875 $(391,111) $698,480 $81,808 $-00 Ending Fund Balance $222,395 $920,875 $304,203 $920,875 REVENUES Tax - West Freeway Interest Income Transfer from General Fund $556,318 $623,105 $530,000 $530,000 1, , ,336 1,123, , ,000 EXPENDITURES Professional & Tech Svcs Edwards Lifesciences Agreement Draper City Admin 3, , , , ,000 83,448 59,625 79,500 79, Transfer to CIP Fund South (Match for State funding) Contribution to Fund Balance 500,000 85,500 $948,448 $424,625 $448,192 $530,000 (391,111) 698,480 81,808-00

8 Annual For Fiscal Year Ending June 30, 2015 REDEVELOPMENT AGENCY FUND City of Draper, Utah Actual Estimate SAND HILLS NEIGHBORHOOD PROJECT AREA Expires: FY18-19 FY FY BALANCE SUMMARY Beginning Fund Balance Ending Fund Balance $1,874,555 $2,556,911 $2,556,911 $2,476,027 $682,356 $(80,884) $(46,429) $0 $2,556,911 $2,476,027 $2,510,482 $2,476,027 REVENUES Tax-Sandhills Area Interest Income $731,747 $701,053 $768,000 $770,000 6, , , , ,000 EXPENDITURES Professional & Technical Services Tenant Improvements - Christophers Hidden Valley Renovation Tenant Improvements - New Pad A Tenant Improvements - New Pad B City Entrace Signage Draper City Admin 3, , , , , , , , , , , , , , ,000 50,000 50, ,762 86, , , Transfer to CIP Fund Pioneer Rd East Contribution to Fund Balance (419,187) 8,963 $56,112 $781,937 $814,429 $770, ,356 (80,884) (46,429)

9 Annual For Fiscal Year Ending June 30, 2015 REDEVELOPMENT AGENCY FUND City of Draper, Utah Actual Estimate FY FY CRESCENT NEIGHBORHOOD PROJECT AREA Expires: FY25-26 BALANCE SUMMARY Beginning Fund Balance Ending Fund Balance $(301,598) $(43,469) $(43,469) $437,852 $258,129 $481,321 $200,130 $-00 $(43,469) $437,852 $156,661 $437,852 REVENUES Tax - Crescent Area Interest Income $1,075,958 $1,354,401 $1,087,000 $1,087,000 (114) 1,075,844 1,354,401 1,087,000 1,087,000 EXPENDITURES Professional & Tech Svcs Kohl's Principal Kohl's Interest Draper Peaks Principal Draper Peaks Interest Draper Peaks II Principal Draper Peaks II Interest Draper City Admin 3,692 57, , , ,143 73,676 70,218 70,218 61, , , , , , , , ,689 85,667 81,426 77,587 82, , , , , , , , , Transfer to CIP Property Acquisition - Draper Peaks Conservation Streetscape Gateway Streetscape Contribution to Fund Balance 203,822 $817,715 $873,081 $886,870 $1,087,000 NetChange in Fund Balance 258, , ,130-00

10 Annual For Fiscal Year Ending June 30, 2015 REDEVELOPMENT AGENCY FUND City of Draper, Utah Actual Estimate FY FY EAST BANGERTER PROJECT AREA Expires: FY17-18 BALANCE SUMMARY Beginning Fund Balance Ending Fund Balance $774,429 $1,344,805 $1,344,805 $1,619,080 $570,376 $274,275 $351,806 $-00 $1,344,805 $1,619,080 $1,696,611 $1,619,080 REVENUES Tax - East Bangerter Area Interest Income $895,297 $869,002 $955,000 $955,000 3, , , , ,000 EXPENDITURES P rof & Tech Svcs Draper City Admin (2%) 3,692 17,906 14,325 19,100 19, Transfer to General Fund Bangerter Pkwy Principal Bangerter Pkwy Interest Bangerter Pkwy Trustee Fee Prior yr debt service payment Contribution to Fund Balance 185, , , , , , , ,363 1,500 1,500 1,500 1, , , , ,785 $328,456 $594,727 $603,194 $955, , , ,806-00

11 Annual For Fiscal Year Ending June 30, 2015 REDEVELOPMENT AGENCY FUND City of Draper, Utah Actual Estimate FY FY GATEWA Y PROJECT AREA Expires: FY18-19 BALANCE SUMMARY Beginning Fund Balance Ending Fund Balance $(1,468,944) $(1,327,040) $(1,327,040) $(1,202,365) $141,904 $124,675 $116,308 $-00 $(1,327,040) $(1,202,365) $(1,210,732) $(1,202,365) REVENUES Tax - Gateway Area 171, , , , Interest Income (3,488) 167, , , ,000 EXPENDITURES Prof & Tech Svcs 3, Draper City Admin 25,658 22, , Contribution to Fund Balance 102,000 $25,658 $22,001 $3,692 $120, , , ,308-00

12 Annual For Fiscal Year Ending June 30, 2015 REDEVELOPMENT AGENCY FUND City of Draper, Utah Actual Estimate FY FY ADDITIONAL TAX INCREMENT BALANCE SUMMARY Beginning Fund Balance Ending Fund Balance $(624,495) $(685,313) $(685,313) $(648,181) $(60,818) $37,132 $(61,085) $(0) $(685,313) $(648,181) $(746,398) $(648,182) REVENUES Add'l Tax - West Freeway Area Add'l Tax - Sandhills Area Add'l Tax - Crescent Area (55B) Add'l Tax - Crescent Area (51A) Interest Income 370, , , , , , , , , , , ,683 17,000 (1,801) School District Hold Harmless School District - West Freeway Area School District - Sandhills Area School District - Crescent (202,506) (221,376) (195,600) (195,600) (171,234) (160,116) (182,000) (242,700) (195,830) (240,557) (200,000) (200,000) 471, , , ,323 EXPENDITURES Public Notices Prof & Tech Svcs - Add'l Tax Draper City Admin 5,643 71,035 52,245 69,660 80, Transfer to General Fund Corner Canyon Bond Costs Corner Canyon Principal Corner Canyon Interest Corner Canyon Trustee Fee 255, , , , , , , ,275 1,750 1,750 1,750 1,750 $532,584 $508,070 $525,485 $535,323 (60,818) 37,132 (61,085) (0)

13 RDA AGENDA ITEM #3

14 MINUTES OF THE REDEVELOPMENT AGENCY MEETING HELD ON TUESDAY, JUNE 3, 2014, IN THE DRAPER CITY COUNCIL CHAMBERS, 1020 EAST PIONEER ROAD, DRAPER, UTAH. PRESENT: STAFF PRESENT: Chairman Marsha Vawdrey, Boardmembers Bill Colbert, Bill Rappleye, Jeff Stenquist, Alan Summerhays, and Troy Walker. David Dobbins, Russ Fox, Doug Ahlstrom, Rachelle Conner, Keith Morey, Glade Robbins, Bryan Roberts, Garth Smith, and Bob Wylie 9:34:22 PM 1.0 Call to order. 1.1 Chair Vawdrey called the meeting to order at 9:34 p.m 9:34:32 PM 2.0 Public Hearing - Fiscal Year Tentative 9:34:43 PM 2.1 Bob Wylie advised this is a discussion on the RDA Tentative, which was adopted on May 6, It has been out for public review since that time. \ ";:m p%, >' ' 9:35:10 PM \ Jr HQ i v, 2.2 Chair Vawdrey opened the public hearing. No one came forward to speak, so Chair Vawdrey closed the public hearing. 9:35:26 PM ^^^ 3.0 Approval of Minutes - May 6, :35:29 PM 3.1 Boardmember Walker moved to approve the May 6, 2014, minutes. Boardmember Summerhays seconded the motion. 9:35:46 PM^^k )11 call vote was 3.2 A roll call vote was taken with Boardmembers Colbert, Rappleye, Stenquist, Summerhays, Walker, and Vawdrey voting yes. The motion passed unanimously. 4.0 Adjourn to a Municipal Building Authority Building 9:35:59 PM 4.1 A motion to adjourn to a Municipal Building Authority Meeting was made by Boardmember Summerhays and seconded by Boardmember Colbert.

15 9:36:12 PM 4.2 A vote was taken with Boardmembers Colbert, Rappleye, Stenquist, Summerhays, Walker, and Vawdrey voting yes. The motion passed unanimously. 4.3 The meeting adjourned at 9:36 p.m.