San Juan Community Reinvestment Agency...Bluff Dwelling Reimbursement Expenses UDOT Turn Lane $...
Transcript of San Juan Community Reinvestment Agency...Bluff Dwelling Reimbursement Expenses UDOT Turn Lane $...
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Economic DevelopmentSan Juan & Blanding Community Reinvestment Agencies10 July 2018
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Discussion Points
• Goals for Economic Development in San Juan County/Blanding City
• Bluff Dwellings Project• Blanding Project
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Economic Development
• Import Tax Base• Expand Economic Activity• Invest in Local Equity• Retain Jobs – Invest in Human Capital• Control Growth • Proactive Approach• Partner with Taxing Entities
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Bluff Dwellings
Project Area
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Map of Area
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Project Summary
54 Units 9 Private Suites 3 Kachina Suites
Swimming Pool with Beach Entry Food and Smoothie Shack SPA & Jacuzzi Access to Hiking Trails $6m Investment
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Why The Need for Tax Increment
18 Units – no need for turn lane & no incentive $127k in present value to School District (20 years)
54 Units – with incentive for turn lane $407k in present value to School District (20 years)
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Tax Increment Request
Bluff Dwelling Reimbursement ExpensesUDOT Turn Lane 300,000$ Bluff Water Works 75,000 Electrical Utilities 50,000 Other Utility Costs 25,000 Total Request 450,000$
Request:• 75% of Tax Increment• 15 Years or • Until $450k
Tax Revenue to School District:• Current Tax Collection: $691• After Development: $8,890• After CRA: $35,200
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Tax Increment Request
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Tax Increment Revenue
Base Taxes Taxing Entities CRA
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Next Steps
• School Board Review Interlocal Agreement
• School Board and County CRA Approve Interlocal Agreement
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North Entrance
Project Area
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Map of Area
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Project Summary
70 Units with Swimming Pool County Senior Center Future Convention Center Attached $7.5m Investment
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Why The Need for Tax Increment
Need down payment Incentive will provide part of that down payment Critical to getting lending in rural San Juan County
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Tax Increment Request
Request:• 75% of Tax Increment• 20 Years or • Until $1.25m
Tax Revenue to School District:• Current Tax Collection: $1,759• After Development: $12,800• After CRA: $50,000
Reimbursement ExpensesRoadways/Parking 550,000$ Curb & Gutter 135,000 Storm Drain 125,000 Utilities 125,000 Civil Work/Landscaping 315,000 Total Request 1,250,000$
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Next Steps
• School Board Review Interlocal Agreement
• School Board and County CRA Approve Interlocal Agreement