MEDIA CONTACT: Kristin Kenney Williams, kristin@commfluent.com, 970-390-0062

• Mayflower Mountain Resort Development infrastructure, military hotel under way

Kaysville, Utah – June 2, 2021 – The Board of the Military Installation Development Authority (MIDA) unanimously approved Tuesday the authorization of revenue bonds for the Mayflower Mountain Resort Development in Wasatch County, a milestone step for the second largest economic development project in the State of Utah and a key project component – the construction of the Morale Welfare Recreation (MWR) conference hotel.

Tuesday was MIDA’s first hybrid in-person and virtual gathering since the global pandemic forced more than a year of online meetings.

MIDA Board Chairman and President of the Utah Senate, Stuart Adams, described the partial in-person gathering as “very exciting.” 

EX Utah Development LLC (EX Utah) is working with MIDA on the construction of the Mayflower Mountain Resort’s infrastructure, the MWR hotel and skier services. MIDA facilitates positive, new economic impact through private-public partnership opportunities that distribute legislative appropriations and issue bonds.

The private-public partnership between EX Utah and MIDA ensures protections for MIDA with minimal exposure. In the first five years, the projected capital investment is greater than $3.2 billion and 85 percent of it will be privately sourced through EX Utah and other developers; the remaining 15 percent is through municipal outlets, assessment bonds, commercial property assessed clean energy (CPACE) financing, and tax allocation revenue bonds (TAR Bonds.)

The assessment bonds have already been issued through MIDA’s subsidiary, the MIDA Mountain Village Public Infrastructure District (Village PID), and the bonds’ security is an additional assessment on the property. Any use of CPACE issued will be conduit financing. Consequently, no tax dollars will be used to make any payments of the assessment bonds or the CPACE financing. 

The 2021 TAR Bonds are expected to be sized at approximately $250 million for 30 years. Laura Lewis, municipal advisor to MIDA, told the Board “great care had been taken to minimize risks.” MIDA Executive Director Paul Morris explained that MIDA acting as the bonding entity is in accordance with Wasatch County agreements for public benefit. It does not change the revenue waterfall, developed in partnership with the county, whereby MIDA captures 75 percent of only the property value growth. Taxing entities continue to receive their previous amounts of allotted revenue plus their share of 25 percent of the new property tax generated by the partnership.

President Adams and fellow board members highlighted the importance of the capital investment by way of the revenue bond issuance that would allow for the Mayflower infrastructure and development to move forward, and   ultimately contribute significantly to the state’s economy. It was also noted that the timing is impeccable given the negative pandemic impacts to the tourism and hospitality industry. 

The TAR Bonds will be issued in two series. Both funds will be used to assist in the financing of the MWR hotel and for ski-related mountain improvements within and near the Skier hotel. 

The 2021 TAR Bonds, together with the other bonding and multibillion-dollar private investment, will further the fulfillment of the vision for creating a world-class four-season mountain village that Wasatch County has planned for this property for many decades. MIDA’s participation came about as a result of the Air Force’s request for MIDA’s assistance in its goal of enhancing the recreation opportunities for all military personnel, both active and retired. MIDA was invited to merge the Wasatch County vision for the area with the Air Force request for a military recreation facility. The TAR Bonds help make the County’s, MIDA’s and EX Utah’s respective goals a reality. 

Extell Development Founder and Chairman Gary Barnett provided the Board with Mayflower Resort updates in person Tuesday, saying all the funds are in place to build out the infrastructure and continue construction on the Pioche apartments and commence the MWR hotel. Two other cornerstone hotels, Skier and Five-star, are in design with excavation planned for the spring of 2022. 

In addition, estate lots and townhomes within two communities totaling approximately 300 residences, are being platted. Ski lifts and snowmaking are engineered, and grading and clearing will begin in the fall of 2021.

In other board business Tuesday:

• Unanimous approval of the amended budget for fiscal year 2020-21.
• Support for MIDA to transition to government fund accounting practices, and unanimous approval of the budget for fiscal year 2021-22 that includes the funding of various improvements within MIDA’s two project areas, Falcon Hill Air Force Base and the Military Recreation Facility:
  • Falcon Hill:
    • Sparrowhawk (USTAR) Building Transfer (FY2022)
    • Hill Air Force Museum Expansion (FY2022-23)
    • 1800 N Interchange/Infrastructure (FY2021-23)
    • Roy Gate/Infrastructure (FY2022-23)
  • Military Recreation Facility:
    • Frontage Road Connection (FY2020-22)
    • Mountain Village Infrastructure (FY2021-24)
    • Frontage Road-West Side (FY2022-23)
    • Transit Improvements (FY2022-23)
• Amended Falcon Hill project area plan (to reflect accurate acreage), and amended site plan for the Roy Innovation Center allowing for an expanded parking lot at (nearly 4,000 stalls and reflective of tremendous job creation.)
• To reflect the Extell Development donation of property in the mountain village that MIDA will use to exchange for the Red Maple parcel in Park City. Once the exchange with the Air Force has occurred, MIDA will sell the Red Maple parcel to Park City for $2 million. 

ABOUT MIDA

The State of Utah created MIDA to strengthen military readiness and quality of life; optimize underutilized federal property; and as a means to incentivize development within the regions of their respective project areas, allocating local government property taxes directly into the communities who pay them.

That the state created MIDA and local jurisdictions asked for MIDA to come in and execute on previously approved master planning, these local entities have board representation to ensure transparency in all of MIDA’s private and public partnerships, as well as help to assure ongoing sustainability and accountability. MIDA does not earn a profit, nor does it enrich its volunteer board. It takes an administrative fee for operational expenses and invests funds back into development projects. The Board approves land-use applications, drafts and adopts ordinances and resolutions establishing and governing MIDA and its subsidiary boards. 

The current board members are:

• Stuart Adams, Chairman/President of the Utah Senate
• Jerry Stevenson, Vice Chair/Utah State Senator
• Gary Harter, Member/Governor’s Office of Military and Veteran’s Affairs
• Mark Shepard, Member/Mayor of Clearfield
• Gage Froerer, Member/Weber County Commissioner
• Ben Hart, Non-voting Member/Deputy Director GOED
• Mike Ostermiller, Member/CEO NWAOR
• Steve Farrell, Member/Wasatch County Councilman

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