Highlights from MIDA’s June Board Meeting
Photo Caption: EX Utah Develpoment LLC’s Kurt Krieg presented to the MIDA Board a MWR Conference Hotel construction update noting in particular, a full Jordanelle Reservoir in the background.
Military Installation Development Authority (MIDA) Board Meeting Highlights
June 27, 2023 (Link to Agenda)
This is an unofficial summary of the Board Meeting produced by MIDA Communications staff. Minutes will be posted to the Utah public notice website (pmn.utah.gov) once they are approved.
Board members present: Adams, Stevenson, Harter, Froerer, Ostermiller, Shepard
BOARD ACTION
- Unanimous approval of Resolution 2023-06, approving an Amended Budget for Fiscal Year 2022-2023 for MIDA.
- Unanimous approval of Resolution 2023-07, adopting a Budget for Fiscal Year 2023-2024 for MIDA, the MIDA Mountain Village PID, and the MIDA Golf and Equestrian Center PID.
- MIDA CFO, Paula Eldredge, gave a presentation on the MIDA proposed amended budget for FY 2022-23, and proposed budget for FY 2023-24.
- It was noted that at Falcon Hill, three buildings were added to the 2022 tax roll, and one building to the 2023 tax roll, almost doubling the amount of property tax allocation revenues in the Falcon Hill project area in FY 2023.
- The Military Recreation Facility Project Area also experienced notable growth: about 395 subdivision lots were recorded in 2022 and will begin to contribute to project area revenues in FY2024; in the current year, 132 residential lots have been recorded to date. 75 certificates of occupancy were issued in 2022, doubling the number of parcels that contribute to the property tax allocation revenue, primary funding source for project area infrastructure development.
- Adams, serving as MIDA Board chairman, noted excitement about seeing the property tax allocation starting to come in, saying, “We manage our affairs well. We knew (property tax allocation) would take awhile and we’ve been very patient.”
- Unanimous approval of Resolution 2023-08, adopting the Dugway Proving Ground Project Area Plan.
- The Dugway Proving Ground is a testing and training installation site operated by the U.S. Army. MIDA Deputy Director, Ariana Farber, explained MIDA’s intent to bring roadway infrastructure and improvements to an alternative route that will significantly enhance military quality of life for employees and contractors. Sen. Adams noted enhanced value to the greater community and the State of Utah, as well.
PRESENTATIONS
- According to EX Utah Development LLC’s Kurt Krieg, the Military Welfare and Recreation conference hotel’s concrete pours will be completed by the end of June, and the hotel remains on track for estimated completion Fall of 2024. Condominium sales progress with 28 residences under contract. Marcella Estate plat lots 16 and 17 have been recorded; the Overlook and McHenry estate lots continue to progress with installation of civil improvements. REEF, with Summit Sotheby’s International Realty, have contracted 54 estate lots, closing 47 to date or 39 percent of the total 140 lots. Pioche Village Apartments: Buildings A and D are complete with leasing for rentals under way. The two remaining buildings (all 402 units) will be completed in August. Krieg noted high demand for the workforce housing rental units that will go to lottery in July, with a focus on military, first responders, teachers and health care workers. Krieg showed great construction progress on skier bridge and shuttle tunnels. A UDOT, MIDA, Wasatch County and EX Utah collaborative effort to construct and realign the Frontage Road has commenced, north to south. Additional hiking and biking trails are under construction, with segments to open to the public this summer.
Krieg’s financing update included:
Assessment Bonds
- 2020 Series – Improvements under the series continue and the series’ improvements should be completed this summer as $6.6M of $54M of net proceeds remain.
- 2021 Series – Improvements continue as well as numerous civil initiatives are being contracted with the earlier civil engineering approvals; $57.2M remains of the $82.8M net proceeds.
Tax Allocation Revenue Bonds
- Sales continue with the Marcella lots, MWR residences, and Velvaere.
- Ski and MWR improvements proceed: $151.1M has been expended, $38.2M remain of the $186.1M net proceeds.
- Sunset Ridge Development Partners’ Jason Przybyla , in a Falcon Hill Project Area update, said they are finalizing the last lease to be 100 percent full for existing commercial space that includes a Jack-in-the-Box just outside the West Gate coming on line in Q1 of 2024, and a very popular, newly-opened Micro-Market offering fresh food items. The museum expansion and Roy/North Gate construction are within budget and on schedule to be completed this fall. The South End Development Frontage Road construction between 650N and 200S will be critical for new development and traffic alleviation in the area with great frontage to I-15.
- Eldredge provided a CFO update on internal staffing changes and upcoming finance department projects.