This is an unofficial summary of the Board Meeting produced by MIDA Communications staff. Minutes will be posted to the Utah Public Notice website once they are approved. You can view the meeting agenda at this link.
Board members present: Adams, Farrell, Ostermiller, Shepherd, Stevenson, and Froerer (virtual)
Extell’s Kurt Krieg presented a milestone update within the Deer Valley East Village (pictured above) to the MIDA Board of Directors Thursday, saying the Grand Hyatt Deer Valley, featuring 100 rooms for service members to reserve at discounted rates, is on track for a November opening. “I’m very pleased to be going from construction phase to operations phase,” said Krieg. He also said all 55 private residences within the hotel have sold.
Board Action
With members of the Utah National Guard present in at the State Capitol and in the Senate Building meeting room, unanimous approval of Resolution 2024-13 Adopting the Utah National Guard Project Area Plan and Directing the Publication of a Notice of its Approval in a Newspaper of General Circulation, as presented by MIDA Deputy Director, Ariana Farber. (Read the Press Release)
Farber read a statement from Gary Harter, MIDA board member and Executive Director of Utah Department of Military and Veterans Affairs who was not able to cast his vote of support today due to being out of town for another commitment: “The Governor’s Office of Military and Veterans Affairs enthusiastically supports the creation of the MIDA Utah National Guard Project Area (Utah Army and Air National Guard operations affect more than 7,500 Utah National Guard personnel.) Potential tax revenue generated from this Project Area will facilitate and finance several mission critical projects that are forthcoming for Utah’s National Guard which will strengthen their capabilities and support their dual national and state armed forces missions. We are excited to see the operational and economic growth this partnership will bring.”
MIDA Chair, President Adams acknowledged the Guard members in the room, saying, “Thank you for your service; it’s a very difficult time.”
Unanimous Approval of Resolution 2024-14 Adopting an Interlocal Cooperation Agreement with Tooele City for the MIDA Utah National Guard Project Area.
Unanimous Approval of Resolution 2024-15 Adopting the Military Recreation Facility Project Area Plan – Part 8 and Directing the Publication of a Notice of its Approval in a Newspaper of General Circulation.
Unanimous Approval of Resolution 2024-16: Renaming the Sundance Project Area Plan to the Mountain Veterans Program Project Area Plan, Adopting the Mountain Veterans
Program Project Area Plan – Part 2, and Directing the Publication of a Notice of its Approval in a Newspaper of General Circulation as Provided by Law.
Unanimous Approval of Resolution 2024-17 Authorizing the Execution of an Interlocal Capital Pledge Agreement and the Issuance of the MIDA Obligation (as Defined Herein) Created Thereunder; Fixing the Maximum Aggregate Principal Amount of the MIDA Obligation, the Maximum Number of Years Over Which the MIDA Obligation May Mature, and the Maximum Interest Rate Which the MIDA Obligation May Bear; Delegating to Certain Officers of MIDA the Authority to Approve the Final Terms and Provisions of the MIDA Obligation Within the Parameters Set Forth Herein; Providing for the Posting of a Notice of Bonds to be Issued; Providing for the Running of a Contest Period; Authorizing and Approving the Execution of the Pledge Agreement and Other Documents Required in Connection Therewith; Acknowledging the Issuance and Sale of the Bonds by the District (Each as Defined Herein); and Authorizing the Taking of All Other Actions Necessary to the Consummation of the Transactions Contemplated by this Resolution; and Related Matters.
- Discussion: Richard Catten, MIDA legal counsel, clarified for the board that the MVP PID is in the process of issuing bonds. This resolution approves an Interlocal Agreement with the MVP PID, by which MIDA will pass certain taxes through to the PID. There is no obligation of MIDA or the State of Utah with regard to debt service.
Unanimous Approval of Resolution 2024-18 Authorizing the Annexation of Certain Property Into the District; Authorizing the Withdrawal of Certain Property Out of the District; and Related Matters.
Unanimous Approval of Ordinance 2024-2 Levying the MIDA Telecommunications Tax and Amending the MIDA Tax Ordinances for the Mountain Veterans Program Project Area to Reflect the New Name of the Project Area.
Unanimous Approal of Resolution 2024-19 Appointing Hope Thompson as a Member of the Falcon Hill Development Review Committee for the Falcon Hill Project Area.
Unanimous Approval of Resolution 2024-20 Approving an Interlocal Cooperation Agreement with Clearfield City for the Falcon Hill Project Area.
Unanimous Approval Adopting Amendments to the Military Recreation Facility Project Area Development Standards and Guidelines Related to the Process for Approving Subdivision Plats.
- Discussion: Catten explained that subdivision plats will be reviewed and approved/denied by the Design Review Committee, with an appeal process in place to the MIDA board.
Unanimous Approval of Resolution 2024-22 Approving the Cormont Subdivision Plat in the Military Recreation Facility Project Area, following presentation by MIDA planner, Rob Donigan
Unanimous Approval of Resolution 2024-23 Approving the First Amendment to the McHenry Estates Subdivision Plat in the Military Recreation Facility Project Area, following presentation by MIDA planner, Rob Donigan.
Project Area Updates:
- Extell (Presenter: Kurt Krieg)
- The end of June/beginning of July was material with three partnership initiatives concluding:
– United States Air Force exchange of Red Maple
– MIDA acquired Building D of Pioche Village for regional workforce housing; 42 units at 28,661 sf
– UDOT frontage road surplus land trade and acquisition - The WYE Hotel: Excavation is complete, with substantial completion and hotel opening anticipated for Summer 2026.
- Following the June 2024 purchase of 42 units in the Pioche Village Condominiums by MIDA for the purposes of workforce housing, Krieg said the public-private partnership between MIDA and Extell continues with planning for workforce housing for the Marina West Parcel and determining housing needs and programming.
- Soft opening of the Deer Valley Resort expanded terrain will occur this upcoming winter with four lifts currently being installed; additional hiking and biking trails were also constructed this summer.
President Adams remarked on the tremendous progress of the MRF Project Area, and highlighted the importance of four-season outdoor recreation for all guests to Utah.
- SRDP (Presenter: Taylor Woodbury)
- South End Development with about a six-acre UDOT land transfer to MIDA is underway; design work underway on new buildings, much-needed office space to support the research park.
- Other updates presented regarding the 1800 North Interchange, and the new North Gate Area.
Update by Paula Eldredge, MIDA Chief Financial Officer: MIDA is in the process of closing the books for fiscal year ending June 30 and initial results are in line with the board-approved budget. For the current fiscal year starting July 1, MIDA has received preliminary information from the respective counties to estimate the revenues pledged toward development in MIDA’s project areas. Based on these early estimates, MIDA is on track to meet debt obligations when they come due; a reminder that most of the revenues coming into MIDA are pledged toward public infrastructure projects and military mission.
MRF Project Area Director Heather Kruse highlighted to the board that reservations are open for the 100 rooms at the Grand Hyatt Deer Valley at discounted rates for service members. The GHDV will open Nov. 20 of this year.
