san juan community reinvestment agency...bluff dwelling reimbursement expenses udot turn lane $...

Economic DevelopmentSan Juan & Blanding Community Reinvestment Agencies10 July 2018

Discussion Points

• Goals for Economic Development in San Juan County/Blanding City

• Bluff Dwellings Project• Blanding Project

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

Bluff Dwellings

Project Area

Map of Area

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

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)

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

Tax Increment Request

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20,000

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70,000

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Tax Increment Revenue

Base Taxes Taxing Entities CRA

Next Steps

• School Board Review Interlocal Agreement

• School Board and County CRA Approve Interlocal Agreement

North Entrance

Project Area

Map of Area

Project Summary

70 Units with Swimming Pool County Senior Center Future Convention Center Attached $7.5m Investment

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

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$

Next Steps

• School Board Review Interlocal Agreement

• School Board and County CRA Approve Interlocal Agreement