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Mill Creek council and CRA set bond parameters, move Phase 2 financing to CRA and accept $1 million state grant
Summary
City council approved budget changes and a parameters resolution allowing the Community Reinvestment Agency (CRA) to issue up to $25 million in bonds to support Mill Creek Common Phase 2, and the council accepted a $1 million Utah Outdoor Recreation Grant for the project.
The Mill Creek City Council voted on May 27 to amend the city budget and set parameters that allow the Mill Creek Community Reinvestment Agency to pursue up to $25 million in sales-tax- and tax-increment-backed bonds for Mill Creek Common Phase 2.
The action also authorized public notice and a June public hearing on the sales-tax pledge and related bond documents, and the council approved a separate $1,000,000 grant award from the Utah Division of Outdoor Recreation for Phase 2.
Why it matters: City leaders say the package is intended to finance public infrastructure — principally a parking structure that the city would rent to a private hotel and condominium development — and to capture near-term economic development that will support recreation and events at Mill Creek Common.
Mayor (speaking at the meeting) said the parking structure will be rented to the hotel and condos and that “these bonds are gonna be paid by renting the parking structure.” He…
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