This is an unofficial summary of the Board Meeting produced by MIDA Communications staff. Minutes will be posted to the MIDA Website once they are approved.
Board members present: Harter, Farrell, Adams, Shepherd, Froerer, Stevenson
PRESENTATIONS
Military Recreation Facility (MRF) Project Area
EX Utah Development Update of Mayflower Mountain Resort (includes but not limited to)
- South portal completed by UDOT.
- Extell office relocated on-site with construction and development teams.
- Building out 1,200-space day-skier parking lot.
- Moving up from base area construction to the mountain and cutting ski trails.
- Significant progress on the MWR Conference Hotel.
- Summit Sotheby’s International Realty contracted for the sales of the 55 private residences.
- Brand and operation letter of intent being converted to a definitive agreement with the intent to announce a global flag in July.
- Marcella Estate Lots: 27 out of 60 lots have been sold. Civil improvements continue.
- Pioche Apartments: Four buildings (402 units); A and D will have occupancy this fall.
- Designer Hotel and Condominiums; Skier Hotel and Condominiums; Skier Services; and Club – start earth work next spring.
- Design and drawings continue; interiors design kick-off occurred with Jeffrey Beers International and AvroKO. A general contractor has been selected, and pre-construction services are being contracted with an announcement in early July.
- Water tanks 3 and 4, culinary and non-culinary: Initiated culinary and snowmaking water tanks’ foundations; each tank is 650,000 gallons.
- Ski run clearing under way.
- Snowmaking system design and engineering review in process.
- Another six to nine miles of hiking, biking trails will be built this summer.
“Very, very impressive,” remarked Sen. Adams.
Falcon Hill Project Area Update
- Construction continues at the Roy Innovation Center; very pleased with progress – on schedule and on budget.
BOARD ACTION
- Unanimous approval of Resolution 2022-08 Adopting the Amended Budget for the Fiscal Year 2021-22 for MIDA, P3+ Governmental Nonprofit Corporation, the MIDA Mountain Village PID, and the MIDA Golf and Equestrian Center PID.
- Unanimous approval of Resolution 2022-09 Adopting the Budget for the Fiscal Year 2022-23 for MIDA and the P3+ Governmental Nonprofit Corporation, the MIDA Mountain Village PID, and the MIDA Golf and Equestrian Center PID and Establishing the Uncommitted Operations Fund Balance Threshold.
- Unanimous approval of Resolution 2022-10 Initiating Agreements to Make Retail Facility Incentive Payments for Hotels that Benefit the Military in the Falcon Hill Project Area and the Utah National Guard.
- Executive Director Paul Morris explained that House Bill 151 was adopted this year with a broad definition of retail, and hotels may meet the definition of a retail facility. MIDA has been in discussions regarding the construction of new hotels that would benefit the military by provided some rooms at the government per diem rates in the Falcon Hill Project Area and for the Utah National Guard, and thus, the MIDA board recognizes these discussions and that staff will provide drafts of any agreements to the board for its consideration prior to their approval.
- Unanimous approval of Resolution 2022-11 Approving the Velvaere Subdivision Plat in the Military Recreation Facility Project Area.
- 115 residences (35 estate lots; 68 townhomes; 12 cabins; wellness center; HOA clubhouse)
EXECUTIVE DIRECTOR UPDATE
- Sparrowhawk (USTAR) building transfer expected end of June/early July.
- UDOT buying 3-gate trail. Expect to transfer what they don’t need to MIDA. MIDA has $3 million in budget from federal grant to build that trail portion out.
CFO UPDATE
- Current year growth in commercial development in the Falcon Hill Project Area as well as commercial and residential developing in the Military Recreation Project Area lead to expected increased in fiscal year 2023 property tax allocation and other tax revenues.
- Major capital infrastructure projects in both project areas are moving out of the design phase and into full construction resulting in significant increases in capital expenditures in the new fiscal year and use of bond proceeds and grant funds currently on deposit in restricted cash accounts.
“We’ve come a long way and we are fortunate to be where we are at,” Sen. Adams said in conclusionary remarks and applauding MIDA staff and the teams at Mayflower Mountain Resort and the Falcon Hill project area.