Eagle Mountain Redevelopment Agency Board, 7 May 2019

Boørd Mernber Gricíus moved to øpprove the Møy 15, 2018, and Mørch 5, 2019, Redevelopment Agency Boørd Meetìng minutes. Board Member Clark seconded the motion. Those voting aye: Colby Cufüs, Stephanie Grícius, Benjømin Reøves, Donnø Burnhøm, ønd Melissø Clarlc The motion passed with ø unønìmous vote. 7. RDA RESOLUTIONS/PUBLIC HEARING 7.A. A Resolution of the Redevelopment Agency of Eagle Mountain City, Utah Adopting an Official Project Area Plan for the Pole Canyon Community Reinvestment Project Area. Executive Director Aaron Sanbom explained the project area covers 80 acres in the Pole Canyon Master Development Plan. The property is currently planned for industrial use. The project area would allow for tax increment funds to be used for project benefits. Eagle Mountain Redevelopment Agency Meeting - May 7 ,2019 Page I of5 Rob Sant with Lewis Young Robertson and Burningham, Inc. explained under Utah Code, local governments have the authority to conduct economic development activities within their communities through community reinvestment areas (CRAs), or community development areas. Tax increment funds become available for a specified period of time to provide assistance for existing businesses, new development, infrastructure improvements, and more. Mr. Sant explained the CRA is being created to stimulate capital investment and development of vacant and under-utilized property. It promotes job creation and expands the tax base for all taxing entities. The potential business in discussion to develop in the CRA is a food manufacturing business. This development will include investment of over $290 million of personal property. This property currentlyprovides all taxing entities a total of $13,110 a year. The requested participation from taxing entities for the tax increment plan is 600/o over twenty years. Taxing entities will retain the remaining 40o/o. The first tax increment receipt is assumed to be in 2022. The estimated base tax year value is $1.2 million. The incremental assessed value in twenty years is estimated to be 5184,076,269, bringing the total assessed value in twenty years to 5185,276,269. lf the property remains in its current state, taxing entities will receive $262,200 over twenty years; with the development as described and with the tax increment in place, taxing entities will receive $14,097,080 over that same twenty-year period. Two percent of the tax increment dollars will be used for project area administration and operations, ten percent will be used for affordable housing, and the remaining amount will be used for redevelopment activities. Board Chair lV'estmoreland opened the public hearíng at 7:22 p.m. Bruno Hunziker stated his approval of the project and expressed concerns regarding traffic and future roads. Mr. Sanbom explained two separate roads are identified within the project: 4000 North on the north end, which will be 24 feet wide, and Pole Canyon Boulevard on the south end, which will extend to Eagle Mountain City Center. Completion of Pole Canyon Boulevard is a requirement of the developer and is not part of the CRA. m- -B o ørd-C hair-W-es tmoreland clos ed the-public-hearing-at-7:2 6-p,

Board Memher Clark moved to øpprove a resolutìon of the Redevelopment Agency of Eøgle Mountaìn C¡ty, Utøh ødopting an Officíøl Project Area Pløn for the Pole Canyon Communíty Reinvestment Project Areø. Board Memher Curtis seconded the motíon. Those voting aye: Colby Curtís, Stephaníe Grícíus, Benjømin Reøves, Donna Burnhøm, and Melissa CIørk The motìon pøssed with a unanimous vote. Eagle Mountain Redevelopment Agency Meeting - May 7,2019 Page 2 of5 7.8 A Resolution of the Eagle Mountain Redevelopment Agency Adoptirrg the Project Area Budget for the Pole Canyon Community R.einvestment Project Area. Mr. Sanbom explained this budget is specific to the Pole Canyon Community Reinvestment Project Area. It determines where revenue is from, and where funds will be expended. It also includes a cost/benefit analysis; the City's benefit is approximately $3 million. Board Chair lTestmoreland opened the public hearing at 7:28 p.m. As there were no comment& he closed the hearing.

Boørd Member Clark moved to approve ø resolutíon of the Eagle Mountaìn Redevelopment Agency adopting the Project Area Budget for the Pole Cønyon Community Reínvestment Project Areu. Board Member Reøves seconded the motíon. Those voting aye: Colby Curtis, Stephanie Grícias, Benjømin Reaves, Donnø Burnham, Melíssa Clarlc The motion pøssed with a unanímous vote. 8. RDA RESOLUTIONS 8.A. A Resolution of the Redevelopment Agency of Eagle Mountain City, Utah, Adopting the Tentative Budget for Fiscal Year 2019-2020 and Setting a Public Hearing for Adoption of the Final Budget. Mr. Sanborn explained this is the annual budget for the Redevelopment Agency.

Board Member Curtís moved to approve a resolation of the Redevelopment Agency of Eagle Mountøìn C¡ty, Utah, adopting the tentatíve budget for Fìscal Year 2019-2020 ønd settíng ø public hearing for ødoptíon of the Jïnal budget on May 21, 2019. Boørd Member Clark seconded the motìon. Those voting aye: Colby Curtís, Stephønie Grìcíus, Benjømin Reaves, Donna Burnham, and Melíssa Clørlc The motion pøssed wíth ø unanimous vote. 8.8 A Resolution of the Redevelopment Agency of Eagle Mountain City, Utah, Approving an Interlocal Cooperation Agreement between the Eagle Mountain Redevelopment Agency and Eagle Mountain City for the Collection and Remittance of Incremental Property Taxes Collected from Property Within the Pole -Canyon-Community-Reinvestment Area.

Board Member Burnham moved to approve ø resolution of the Redevelopment Agency oÍ Eugle Mountain City, Utøh, approving an interlocal cooperøtíon agreement between the Eøgle Moanta.ìn Redevelopment Agenqt and Eøgle Mountain Cíty for the collection and remìttønce of íncremental property taxes collected from property withín the Pole Cønyon Communìty ReínvestmentArea. Board Member Clørk seconded the motion. Those voting øye: Colby Curtís, Stephønie Gricius, Benjamin Eagle Mountain Redevelopment Agency Meeting - May 7,2019 Page 3 of5 Reøves, Donna Burnhøm, ønd Melìssø Clarlc The motíon pøssed wíth a unanímous vote. 8.C A Resolution of the Redevelopment Agency o1'Eagle Mountain City, Utah, Approving an Interlocal Cooperation Agreement between the Eagle Mountain Redevelopment Agency and Utah County for the Collection and Remittance of Incremental Property Taxes Collected from Property V/ithin the Pole Canyon Community Reinvestment Area.

Board Member Reaves moved to øpprove a resolution of the Redeveloprnent Agency of Eøgle Moantøín Cìty, Utah, øpproving øn ínterlocal cooperøtíon øgreement between the Eøgle Mountain Redeveloprnent Agency and Utah County for the collectìon snd remíttønce of íncremental property taxes collected from properQ wíthín the Pole Cønyon Communíty Reinvestment Areø. Board Member Clørk seconded the motion. Those votíng aye: Colby Curtis, Stephøníe Grícius, Benjømin Reøves, Donna Barnham, and Melissø CIørk The motion pøssed with a ananímous vote. 8.D A Resolution of the Redevelopment Agency of Eagle Mountain City, Utah, Approving an Interlocal Cooperation Agreement between the Eagle Mountain Redevelopment Agency and Alpine School District for the Collection and Remittance of Incremental Property Taxes Collected from Property Within the Pole Canyon Community Reinvestment Area.

Board Member Curtis moved to approve a resolution of the Redevelopment Agency of Eagle Mountøin C¡ty, Utah, approvíng an interlocal cooperatíon agreement between the Eøgle Mountaìn Redevelopment Agency and Alpine School Dístrict for the collection and remittance of incremental propefi tøxes collected from property within the Pole Canyon Communíty Reínvestment Area- Board Member Clark seconded the motíon. Those voting øye: Colby Curtís, Stephanie Gricias, Benjømín Reaves, Donnø Burnham, and Melíssa Clørlc The motíon passed with ø unønimous vote. 8.E. A Resolution of the Redevelopment Agerrcy of Eagle Mountain City, Utah, Approving an Interlocal Cooperation Agreement between the Eagle Mountain Redevelopment Agency and Central Utah V/ater Conservancy District for the Collection and Remittance of Incremental Property Taxes Collected from Property Within the Fole Canyon Community Reinvestment Area.

Board Member Burnhøm moved to øpprove a resolution of the Redevelopment Agency oî Eøgle Mountaìn City, Utøh, øpproving øn interlocøl cooperatíon øgreement between the Eagle Mountain Redevelopment Agency ønd Central Utah Water Conservøncy Distríctfor the collection and remittønce of incremental property taxes collected .from property w¡th¡n the Pole Canyon Communíty Reinvestment Area. Boørd Member Grícius seconded the motion. Those voting øye: Colby Curtß, Eagle Mountain Redevelopment Agency Meeting - May 7,2019 Page 4 of 5 Stephøníe Gricias, Benjamín Reaves, Donna Burnham, and Melissø Clark The motíon passed wìth ø unønimous vote. 8.F. A Resolution of the Redevelopment Agency of Eagle Mountain City, Utah, Approving an Interlocal Cooperation Agreement between the Eagle Mountain Redevelopment Agency and the Unified Fire Service Area for the Collection and Remittance of Incremental Property Taxes Collected from Property V/ithin the Pole Canyon Community Reinvestment Area.

Board Member Clørk tnoved to approve ø resolutíon of the Redevelopment Agency of Eagle Mountaín C¡ty, Utøh, øpprovíng øn interlocal cooperøtíon agreement between the Eagle Mountain Redevelopment Agency and the Unífrcd Fire Servìce Areø for the collection ønd remittønce of incrementøl property taxes collected from property wíthin the Pole Canyon Communíty Reinvestment Areø. Board Member Grícius seconded the motion. Those votíng aye: Colby Curtis, Stephønie Grícíus, Benjamín Reøves, Donnø Burnhøm, and Melíssa Clarlc The motion pøssed wíth a unanìmous vote. 9. ADJOURNMENT

Boørd Member Grícíus moved to ødjourn the meeting at 7:38 p.m. Board Member Clark seconded the motíon, Those voting aye: Colhy Curtìs, Stephøníe Grícíus, Benjømìn Reaves, Donna Burnham, ønd Melissa Clark