January 7, 2025 – Link to Agenda
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: Adams, Harter, McMillan, Ostermiller, Shepherd (in-person), and Froerer (virtual)
MIDA’s Military Recreation Facility (MRF) Project Area Director, Heather Kruse, presents a proclamation honoring Steve Farrell, recently retired Wasatch County Council Member, for his contributions to the MIDA Board, MRF project area, and public infrastructure districts. Wasatch County Council member Karl McMillan was appointed by Gov. Cox to the MIDA Board and was welcomed to the Board on Tuesday, Jan. 7.
BOARD ACTION
Unanimous Approval of Resolution 2025-01: Appointing Karl McMillan and Nicole Cottle as Members of the MIDA Mountain Village Public Infrastructure District Board Of Trustees and the MIDA Golf and Equestrian Center Public Infrastructure District Board of Trustees.
Unanimous Approval of Resolution 2025-02: Providing for the Creation of the MDIA Cormont Public Infrastructure Districts as a Subsidiary of MIDA; Authorizing and Approving a Governing Document; Approving an Annexation Area; Appointing a Board of Trustees; Authorizing Other Documents in Connection Therein; and Related Matters.
Unanimous Approval of Resolution 2025-03: Adopting Amendments to the Military Recreation Facility Project Area Development Standards and Guidelines Related to the Processing of Land Use Applications. Harter wanted to assure public input was received, and MIDA presenter, Richard Catten, assured that it was.
Unanimous Approval of Resolution 2025-04: Approving an Amendment to the Interlocal Cooperation Agreement with the Town of Hideout for the Military Recreation Facility Project Area.
FINANCIAL UPDATE
MIDA Chief Financial Officer, Paula Eldredge, reported that since the November Board meeting, the audit of MIDA’s fiscal 2024 annual financial statements was completed and the audit reports and audited financial statements were posted to the Office of the Utah State Auditor report website and to the Electronic Municipal Market Access system last month. The independent auditor issued a clean opinion, which indicates that they found the financial statements to be fairly presented in all material respects as required by generally accepted accounting principles. In addition, there were no audit findings reported. She also highlighted recent projects that were underway during fiscal 2024, that have been completed, specifically, the aerospace museum expansion at Falcon Hill; the Grand Hyatt Deer Valley, featuring 100 dedicated Morale Welfare Recreation rooms for service members at significantly discounted rates, and the frontage road in the MRF project area.
2024 PROJECT AREA RECAPS AND 2025 LOOK FORWARD
Kurt Krieg, Executive Vice President, Resort Development for EXTELL Development noted the opening of the Grand Hyatt Deer Valley (pictured above) in November of 2024 and the 100 service member rooms at significantly discounted rates. Additional highlights included:
- More than 220 employees hired
- Military guests have been making reservations; NorthStar, dedicated concierge lounge for military guests, fully operational
- Deer Valley Resort:
- Keetley Express and Aurora operational and open on a daily basis
- 500 day-skier parking spaces and daily shuttle operational
- Village Core
- Four Seasons Deer Valley – first Four Seasons in Utah
- Two towers: 1) Hotel and Condominiums; and 2) Condominium
- Tower B: 134 hotel rooms and 55 residences
- Tower C: 68 residences
- Services Facility and Four Seasons Deer Valley (Lots 25 and 27 respectively)
- In December, the MIDA DRC approved Lot 27’s condominium plats and HOA governing documents
- Plats and governing documents were recorded, and residential sales will commence this month
- REEF successfully released Cormont and Marcella Landing offerings as well as began construction on both projects
- REEF with Sotheby’s sold all but two Marcella Estate Lots
- Frontage Road
o Frontage road was a public-private partnership: UDOT, MIDA, Wasatch County, and EXU (President Adams recognized UDOT for their great partnership)
o BHI Construction was the civil contractor
o Frontage Road completed in December 2024 connecting the north and south portals
o Construction was on time and on budget
o EXU contracted the RR 319 connector road and has begun work on behalf of MIDA
- Tax Allocation Revenue Bonds
- Finally, Krieg reviewed the bond pricing/issuance success
Moving to the east side of the MRF project area, Skyridge’s Tyler Aldous and Jack Johnson provided the following updates:
- 469 premier single-family homesites
- 670 acres with 50% preserved for open space
- Panoramic views of mountains, water, golf course
- Resort-level amenities without private club membership fees
- 2024 real estate year in review, including 239 lots sold out of the 252 currently completed lots; 22 homes completed
- No sidewalks on purpose; 7.5 miles of soft-surface trails
- MIDA Golf & Equestrian PID
- 34-stall barn for boarding and training coming to construction conclusion; soft opening in next month
- Featuring unique European Walker
- Previewed summer 2025 soft-opening events, including programs for military members
SRDP’s Taylor Woodbury described a busy year ahead, following a recent Falcon Hill strategic meeting with MIDA.
MIDA’s Deputy Director, Ariana Farber, who is also the director of the Utah Army National Guard Project Area, reported that she has visited all 27 properties included in the project area to evaluate potential projects, including a new training facility, to support the Guard’s mission.
Construction of the Sundance Inn within the MIDA Mountain Veterans Program (MVP) Project Area is on time and on budget and expected to open during the 2025-26 ski season. Bill Jensen, principal and investor with Storyteller, owner of Sundance Mountain Resort, reported to the MIDA board that planning for hiring and programming for the non-profit Mountain Veterans Program is underway, with events targeted to commence this year a full launch in 2026. A small summer program will utilize archery that has been deemed an impactful recreational activity for emotional healing. MIDA board member Gary Harter encouraged Jensen to meet with Utah’s Department of Veterans and Military Affairs to learn more about needs, acknowledging that the MVP is referral-based.