CRA approves distribution of tax-increment funds for Castle and Horn Shadow solar projects

At its Sept. 4 meeting the Emery County Community Reinvestment Agency approved the disbursement of CRA tax-increment funds associated with Castle Solar and Horn Shadow Solar project areas and discussed operational details for making those payments.

Staff said Castle’s distribution included both personal-property and real-property components and that most future project distributions will come in two parts: one payment 30 days after personal-property receipts and a second 30 days after receipt of real-property payments. A presenter explained, “the agreement says actually 30 days after the agency receives the funds,” and noted the board meets quarterly while the developer payment timing does not always align with the board calendar.

Officials said Horn Shadow’s distribution remained in process because the treasurer’s software setup was not complete; county staff expected the Horn Shadow check to be issued to the agency within weeks, which then triggers the 30-day disbursement window. The board discussed the mechanics of how the treasurer issues funds to the agency and how the agency then requests distribution to taxing entities or to the CRA’s affordable housing set-aside.

Board members also discussed the legal requirement that affordable-housing set-aside funds be held in a separate account and accrue interest to that set-aside; staff recommended a separate account for the housing portion so interest and principal are clearly traceable. Sherry Duran said administration varies across counties and noted a statewide software/admin portal under development that would centralize reporting, distribution and audit compliance for CRAs.

After discussion, a board member moved and a second was given to approve the disbursements for Castle Solar and Horn Shadow Solar. The motion passed.